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LTCUSD Technical Analysis

Discussion in 'Expert Level' started by Arpit, Dec 15, 2018.

  1. Arpit

    Arpit Moderator Premium Member

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    Hello guys! Lets get into the Technical Analysis of Litecoin(LTCUSD).

    But before that, let me just udate you regarding my previous Analysis. As discussed in my analysis on BTCUSD, I told you that we would be heading lower. Currently BTC is trading at around 3150 level. We may see some downmove till 3100/3000 and then maybse some 300$ upmove from there.

    Talking about Litecoin, We are currently moving inside a wedge.


    [​IMG]
    We are yet to reach the support zone. If the zone is respected and sustained, we can see some bounce till the coloured Rectangle.

    However, we still have some space in RSI to go down and also MACD is becoming less bullish. It would be safe to enter a trade only when we enter the support zone and the zone is sustained. The targets remains the rectangle.

    We may face some resistance because of the 1D trendline and hence the price needs to break the line with volume and sustain. Positions can be built more if we break above the trendline and sustain.

    We have the 100D EMA around the Target zone which may act as a suddent resistance and 50D EMA around $25 level.

    Any $200–300 bounce in BTC from $3000/3100 level would bring some good move in others as well.
     
  2. Arpit

    Arpit Moderator Premium Member

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    As we discussed, it was safe to trade after the breakout from the triangle. The market broke out, reached the target of $27.58 which was the target as mentioned in the chart and the analysis above. 100 EMA acted as resistance as discussed.
    15% easy return without leverage.

    Cheers!
     

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