Litecoin has also been correcting like other digital currencies in crpyto space. It hit a high of $49.99 on 19/06/2017, and since then it has been correcting and in this correction, ticked a low of $33.38 on 26/06/2017 which is down 25% from its high.
Before going any further, lets take a quick look at chart below.........
In chart above I want you to observe following points:-
- Rising Or Ascending Channel: Highlighted area on chart above is a rising channel. You can clearly see that LTC has been making Higher Highs and Higher Lows since the breakout above $4 level, and hence forming a Rising Channel, which signify the up trend. It touching a higher and lower trendling of this channel in turns and one can easily observe on chart above that when it touched the low of $33.38, LTC also been touching or testing lower trendline of said channel. So,now turn wise LTC can touch or test higher rising trendline .
- 10 Days EMA: This moving average is a yellow wavy line on chart above and today it is at $40.87 level. Yesterday, LTC closes above this moving average and today again it is trading at $42.68 which is again above this moving average and is a bullish sign.
- Red Horizontal Line : This line signify a strong supporting level to falling prices and is at $34.39 level and has been tested twice in recent correction, but bears find themselves unable to breach, hence gave up and that resulted in rebound.
Now I want to show another point for which i want you to look at another chart below ....
Above is a line chart of LTC and I want you to notice a highlighted circles. I have marked this circles on 'W' like shape which is also in upside down position in some area. You can clearly notice when ever this shape emerge on chart, LTC makes good moves either upward or downward. And this shape has recently emerge in charts of LTC and i think LTC will now give good movement on upside.
________________________________________________________________________________
Now the conclusion
I feel LTC has now become a good buying candidate. It just need one more close above 10 DAYS EMA or $41 level, if it does than one initiate fresh buy in this script and those who has purchased this at lows can hold with stop loss of $40.
________________________________________________________________________________
If you like my analysis do not forget to upvote, follow, comment@jimmyrai28
if not then criticize, this also will be highly appreciated.
You can also drop a comment in 'reply' if want you want me analyze any script of your choice.
Now you can also find me on discord channel: https://discord.gg/VvHmhvH