LTC/USD - Price moving to $200! Time to recover.
After a significant drop from $230, Litecoin has found a nice support in this ascending triangle (see in blue) around $170.
Moreover, we painted a higher low and on 4h timeframe we're already bullish on MACD and RSI, for short/medium term, this indicates we are very likely to go up.
On this 8h view we have a similar scenario with some lag due to the higher timeframe (if all things remain the same, we should have a bullish cross on MACD here as well). RSI already painted a higher low like price did.
For this reason my bias is bullish in the near-term and a buy just above this support line is a tempting proposition, particularly if you expect price to end up again above $220 where our resistance sits. An easy 20% is possible here.
The LTC/BTC chart also looks bullish, so the stars are aligned I'd say. Lets see. :)
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Moreover, we painted a higher low and on 4h timeframe we're already bullish on MACD and RSI, for short/medium term, this indicates we are very likely to go up.
On this 8h view we have a similar scenario with some lag due to the higher timeframe (if all things remain the same, we should have a bullish cross on MACD here as well). RSI already painted a higher low like price did.
For this reason my bias is bullish in the near-term and a buy just above this support line is a tempting proposition, particularly if you expect price to end up again above $220 where our resistance sits. An easy 20% is possible here.
The LTC/BTC chart also looks bullish, so the stars are aligned I'd say. Lets see. :)
Like and follow if you liked this idea!
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