LTC/USD: Not a far Fall from Support
Above, it can be seen that there are three trendlines which I have drawn to represent the extreme increase in the rise of price within the short period. The longer term trendlines which is only relatively longer is represented with the two green lines and the green box represents a large area of support for litecoin (support that held against the drop from 350 USD). Together the orange descending trendline and the green ascending trendline form a "symmetrical" triangle, however, the downward slope is dominating the price action--which is in my opinion bullish. In purple, there is still the rising channel from the previous analysis alongside the diverging channel which has played out.
Currently, it can be noted that there is a descending trendline which can be seen in orange, if the current trendline does not hold, then it is likely that it will fall into or beyond support, around the green box, I would expect accumulation or distribution to occur. It is also highly possible that once litecoin drops in price, then it is highly possible that it activates buy orders and the price springs up aggressively (this would be very bullish and it is denoted by the blue line). The orange line would be a very bearish situation because it would break the orange trendline with weakness and it would break the green trendline afterwards. Another bullish outcome which I didn't add is if price breaks out at the apex of the symmetrical triangle.
The RSI is having some difficulty breaking into the channel, however, it did bounce off of 40, so it is still within the bullish range on the daily.
I will maintain my bearish stance with litecoin, however, there are extremely bullish opportunities presenting itself within the chart.
Previous Analysis:
Currently, it can be noted that there is a descending trendline which can be seen in orange, if the current trendline does not hold, then it is likely that it will fall into or beyond support, around the green box, I would expect accumulation or distribution to occur. It is also highly possible that once litecoin drops in price, then it is highly possible that it activates buy orders and the price springs up aggressively (this would be very bullish and it is denoted by the blue line). The orange line would be a very bearish situation because it would break the orange trendline with weakness and it would break the green trendline afterwards. Another bullish outcome which I didn't add is if price breaks out at the apex of the symmetrical triangle.
The RSI is having some difficulty breaking into the channel, however, it did bounce off of 40, so it is still within the bullish range on the daily.
I will maintain my bearish stance with litecoin, however, there are extremely bullish opportunities presenting itself within the chart.
Previous Analysis:
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