Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
This is similar to my Bitcoin analysis however Litecoin has been finding support above the 50 day moving average and just found resistance at the 200 day moving average.
When you look at the ADX, you can see that buying momentum is slowing down after the big impulse to that important resistance level at $47. As days go by, that dollar figure is dropping a little bit.
Looking at the log scale, we've got some important moving average crosses to look at. First was back in 2017 when we crossed bullish. We constantly found support above the 50 day moving average. When we broke it, we found support at the 200 day. When we had a "death cross" in April 2018, we eventually found resistance below the 50 day moving average.
We have broken above the 50 day moving average and we're now finding resistance at the 300 day moving average. As you can see, we haven't seem this kind of price movement from a moving average perspective since early 2018.
I'm not so quick to say that we're bullish on LTC right now and I know there are a lot of Litecoin bulls out there, but we're definitely at an important point in our price action. Breaking and closing above $47 or $50 is huge for Litecoin. Even if temporary, it could provide a big push up in price from bots that trade based on moving averages alone.
It does appear, though, that we're on the selling side of bot action so don't be so eager to buy the rise. Wait for a clean break of the trend and have a good stop loss in case it's a trap. Don't become a bag holder.
Trade safely friends!
<3 -CE-
This is similar to my Bitcoin analysis however Litecoin has been finding support above the 50 day moving average and just found resistance at the 200 day moving average.
When you look at the ADX, you can see that buying momentum is slowing down after the big impulse to that important resistance level at $47. As days go by, that dollar figure is dropping a little bit.
Looking at the log scale, we've got some important moving average crosses to look at. First was back in 2017 when we crossed bullish. We constantly found support above the 50 day moving average. When we broke it, we found support at the 200 day. When we had a "death cross" in April 2018, we eventually found resistance below the 50 day moving average.
We have broken above the 50 day moving average and we're now finding resistance at the 300 day moving average. As you can see, we haven't seem this kind of price movement from a moving average perspective since early 2018.
I'm not so quick to say that we're bullish on LTC right now and I know there are a lot of Litecoin bulls out there, but we're definitely at an important point in our price action. Breaking and closing above $47 or $50 is huge for Litecoin. Even if temporary, it could provide a big push up in price from bots that trade based on moving averages alone.
It does appear, though, that we're on the selling side of bot action so don't be so eager to buy the rise. Wait for a clean break of the trend and have a good stop loss in case it's a trap. Don't become a bag holder.
Trade safely friends!
<3 -CE-