Litecoin last broke above the critical 21EMA on 24th May 2019, resulting in a move up of more than 50%. Today we broke decisively above it once again - massively increasing the likelihood that we will ride it as support for another pump against BTC. The target? This is likely to be the 200 Moving Average, although it is far from a foregone conclusion, with it providing both exceptionally strong and remarkably weak support over the past three months.
However, any trade should be entered with a strict stoploss, since dropping back below the 21EMA is always a possibility - especially with conflicting Stochastic RSI between the daily and weekly timeframes.
Here is the link for my free EMA/SMA indicator, offering key areas of potential strong support & resistance .
Also save crucial space on your Trading View chart by utilising my free RSI and StochRSI indicator which overlays both in a clear and helpful fashion.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
- Should the 200MA provide resistance, LTC could potentially move up 30%.
- Should the 200MA prove weak LTC could easily pump 50% as it did the last time it moved above the 21EMA.
However, any trade should be entered with a strict stoploss, since dropping back below the 21EMA is always a possibility - especially with conflicting Stochastic RSI between the daily and weekly timeframes.
Here is the link for my free EMA/SMA indicator, offering key areas of potential strong support & resistance .
Also save crucial space on your Trading View chart by utilising my free RSI and StochRSI indicator which overlays both in a clear and helpful fashion.
Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.
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