Hey guys,
Another quick analysis here. LIT was consolidating like many other alt coins. I believe the consolidation is over and we started to break out to the upside. Why?
1. We were in a down trend in the hourly. It seems like we are breaking above the trendline right now.
2. We are very close to the bottom Bollinger Band. Moreover, LIT is moving in an upward sloping band. The bottom of the Bollinger Band overlaps with the bottom of the upward sloping channel.
3. I have been watching the chart closely since yesterday. I was expecting the price fall to mid $10s, but the buy pressure around $11 is very strong. The price tried to break down a few times below $11 in the hourly but wasn't able to succeed. The sellers have exhausted themselves. The volume has been faded. It seems like it is time for reversal.
This is how I evaluate the LIT chart. This is definitely NOT a trade or financial advice. Let me know what you think about my analysis.
Thanks!
Another quick analysis here. LIT was consolidating like many other alt coins. I believe the consolidation is over and we started to break out to the upside. Why?
1. We were in a down trend in the hourly. It seems like we are breaking above the trendline right now.
2. We are very close to the bottom Bollinger Band. Moreover, LIT is moving in an upward sloping band. The bottom of the Bollinger Band overlaps with the bottom of the upward sloping channel.
3. I have been watching the chart closely since yesterday. I was expecting the price fall to mid $10s, but the buy pressure around $11 is very strong. The price tried to break down a few times below $11 in the hourly but wasn't able to succeed. The sellers have exhausted themselves. The volume has been faded. It seems like it is time for reversal.
This is how I evaluate the LIT chart. This is definitely NOT a trade or financial advice. Let me know what you think about my analysis.
Thanks!