Hi friends! I hope you are all doing well. =D Lets take a look at Litecoin, shall we?
At the moment, litecoin is breaking two support levels — the 50 EMA (in orange) and the breakout level of the inverse head and shoulders pattern (pink dashed trendline.) We can see that sell-side momentum is increasing on the MACD, indicating expanding downward pressure. If LTC doesn't quickly reverse to the upside, it's likely that we're looking at a failed breakout of the inverse head and shoulders pattern. There is support just below, at the rising dashed grey trendline. A break below that, is likely to send bitcoin back down to the 200 EMA (in purple,) which corresponds with the 50% retracement level. I will be looking for a bounce off of support, with a bullish cross on the MACD, before taking interest in long-side trades.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
At the moment, litecoin is breaking two support levels — the 50 EMA (in orange) and the breakout level of the inverse head and shoulders pattern (pink dashed trendline.) We can see that sell-side momentum is increasing on the MACD, indicating expanding downward pressure. If LTC doesn't quickly reverse to the upside, it's likely that we're looking at a failed breakout of the inverse head and shoulders pattern. There is support just below, at the rising dashed grey trendline. A break below that, is likely to send bitcoin back down to the 200 EMA (in purple,) which corresponds with the 50% retracement level. I will be looking for a bounce off of support, with a bullish cross on the MACD, before taking interest in long-side trades.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-