Good Afternoon, and welcome to my next update on
LTCBTC
!
Litecoin has preformed exactly like I expected and if you saw my last post you will notice I tried to warn you when we reached the price of $230 that we were headed down.
I would like to point out a few lines that I have drawn on the RSI and the ROC and compare that with what the MACD is doing as well. The first lines are from 2/8 - 2/13 and indicate that both the RSI and the ROC are producing higher highs while the MACD is converging nicely together all while staying above the signal line. This was right before the big jump on 2/14 and where we saw our most recent high.
Recently we have seen the RSI and the ROC producing lower lows all while the MACD has fallen below the signal line. The ROC has started to turn which is good but we need to see it crossover the signal line (0), AND we need to see the MACD begin to turn as well. IF we can see the MACD turn even while the price is still dropping this could signal a bullish reversal however I will not be convinced until we see a crossover.
Right now, from looking at the indicators
LTCBTC
is holding the first support at the moment which is good. IF you wanted to take the risk now would be a good time to buy to get the most reward, HOWEVER we could still go lower so setting a stop loss below this support would be wise. IF we break this support we could tumble quickly to the second support line I have drawn in the chart. The next several hours will be critical to see what happens.... Will LITECOIN hold the support we are at and bounce up ... or will we go down down??
I would like to point out LTC is still within my large ascending triangle which we could still touch the bottom of again. I do expect LTC to break out of this triangle eventually and set a new support at the top, this could be month(s) before this happens or until new news of LITEPAY (actually coming out happens, haha)!
Any and all comments are welcome!
Happy Trading :)
Much Love
DustyPH
***This information is not a recommendation to buy or sell***
*Please leave a comment and let me know what you think!
LTCBTC
! Litecoin has preformed exactly like I expected and if you saw my last post you will notice I tried to warn you when we reached the price of $230 that we were headed down.
I would like to point out a few lines that I have drawn on the RSI and the ROC and compare that with what the MACD is doing as well. The first lines are from 2/8 - 2/13 and indicate that both the RSI and the ROC are producing higher highs while the MACD is converging nicely together all while staying above the signal line. This was right before the big jump on 2/14 and where we saw our most recent high.
Recently we have seen the RSI and the ROC producing lower lows all while the MACD has fallen below the signal line. The ROC has started to turn which is good but we need to see it crossover the signal line (0), AND we need to see the MACD begin to turn as well. IF we can see the MACD turn even while the price is still dropping this could signal a bullish reversal however I will not be convinced until we see a crossover.
Right now, from looking at the indicators
LTCBTC
is holding the first support at the moment which is good. IF you wanted to take the risk now would be a good time to buy to get the most reward, HOWEVER we could still go lower so setting a stop loss below this support would be wise. IF we break this support we could tumble quickly to the second support line I have drawn in the chart. The next several hours will be critical to see what happens.... Will LITECOIN hold the support we are at and bounce up ... or will we go down down?? I would like to point out LTC is still within my large ascending triangle which we could still touch the bottom of again. I do expect LTC to break out of this triangle eventually and set a new support at the top, this could be month(s) before this happens or until new news of LITEPAY (actually coming out happens, haha)!
Any and all comments are welcome!
Happy Trading :)
Much Love
DustyPH
***This information is not a recommendation to buy or sell***
*Please leave a comment and let me know what you think!