Successful Retest and bounce of 38% = Bullish
Обновлено
This is the LTC/USD 60 minute chart for Coinbase. We're still moving up, following a bullish channel for LTC. We're currently retesting the 38% (~$43) Fibonacci line. A retest is indeed healthy and provides support for future bullish movement. If the successfully tests the 38% Fibonacci line, our next target will be the 61.8% fib line (~$49). So as long as LTC does not fall below $43, LTC will remain bullish.
Indicators
Volume wise, it's the weekend, so it's low. In the past few hours, we have been trending negatively. Our highest buy volume was on the 7/22 6-7pm EST with 21k. Our highest sell volume was on 7/23 3-4am EST with 17K. During that time, we have been seeing volume decrease as the price continued to fall. We can't say that there is a strong correlation and it's important to note that it may not be representative of market sentiment due to the overall low volume. Otherwise, you could say that it is diverging since volume has been decreasing as the price continued to fall since 7/21.
Stochastic RSI is at a low. It's an oscillating measurement so generally speaking, when it's low, people will start to buy to bring it back up.
The MACD is currently midway negative, is peaking negatively and is bound for a reversal to a positive.
General thoughts:
At the time of writing this, we seemed to have touched the bottom of the bullish channel and bounced, but it still has many hours to develop and it is still the weekend. If you are not in the market yet, I suggest waiting for volume confirmation of the bounce before entering long, as it might still fall. Depth charts for GDAX show bullish support with a thin sell book $45-45.50. If momentum picks up, LTC may hit and break 68% resistance by the next two-three days.
I'm still not 100% on BTCs recovery. It still makes me a little nervous since LTC had a similar FOMO run during it's segwit activation. A major difference is that LTC did not have any forking, whereas BTC Will fork on August 1st (Segwit2x and Bitcoin ABC) and after the 90 days (Segwit2x 1mb and Segwit2x 2mb). It's also a major point of hesitancy of entering the market.
Litecoin wise, no negative news. Fundamentally, development is all going and Litecoin Core v0.14.2 Release Candidate is steadily being developed.
Disclaimer: I currently hold some LTC at the time of this writing. I have no formal TA or financial background.
Apologies if my write-up isn't as detailed as before. Quite exhausted and a little sleep deprived. Wish you all the best trading and hopefully there are some learnings with analysis.
Indicators
Volume wise, it's the weekend, so it's low. In the past few hours, we have been trending negatively. Our highest buy volume was on the 7/22 6-7pm EST with 21k. Our highest sell volume was on 7/23 3-4am EST with 17K. During that time, we have been seeing volume decrease as the price continued to fall. We can't say that there is a strong correlation and it's important to note that it may not be representative of market sentiment due to the overall low volume. Otherwise, you could say that it is diverging since volume has been decreasing as the price continued to fall since 7/21.
Stochastic RSI is at a low. It's an oscillating measurement so generally speaking, when it's low, people will start to buy to bring it back up.
The MACD is currently midway negative, is peaking negatively and is bound for a reversal to a positive.
General thoughts:
At the time of writing this, we seemed to have touched the bottom of the bullish channel and bounced, but it still has many hours to develop and it is still the weekend. If you are not in the market yet, I suggest waiting for volume confirmation of the bounce before entering long, as it might still fall. Depth charts for GDAX show bullish support with a thin sell book $45-45.50. If momentum picks up, LTC may hit and break 68% resistance by the next two-three days.
I'm still not 100% on BTCs recovery. It still makes me a little nervous since LTC had a similar FOMO run during it's segwit activation. A major difference is that LTC did not have any forking, whereas BTC Will fork on August 1st (Segwit2x and Bitcoin ABC) and after the 90 days (Segwit2x 1mb and Segwit2x 2mb). It's also a major point of hesitancy of entering the market.
Litecoin wise, no negative news. Fundamentally, development is all going and Litecoin Core v0.14.2 Release Candidate is steadily being developed.
Disclaimer: I currently hold some LTC at the time of this writing. I have no formal TA or financial background.
Apologies if my write-up isn't as detailed as before. Quite exhausted and a little sleep deprived. Wish you all the best trading and hopefully there are some learnings with analysis.
Заметка
Another touch of the lower bullish channel trendline
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