eexus

Litecoin still consolidating, move up coming soon?

COINBASE:LTCUSD   莱特币/美元
683 3 6
Litecoin has been consolidating for some time now and is currently battling with the lower resistance level of $23 (on low volume , meaning its kind of weak). When we look at the Relative Strength Index ( RSI ), Litecoin appears to be bouncing off the lower range of its trending path. If it can hold and start moving back up, we could see it head towards the $50 range in short order BUT if it breaks that $23 dollar level we could see a sell off down to $16.
交易结束:到达目标: It looks like Litecoin has successfully broken out and reached the projected target price on very high volume... and once again in very short order. It may overshoot above $50 as a blowoff and then consolidate in the $45-$50 range.

Litecoin has been building up a lot of strength during its consolidation period between $23-$34 and looks to be taking another step up with confidence.

I hope everyone stayed their course and reaped the rewards! Happy trading.
Its broken through $23 3 times in the last 2 weeks. Twice with huge volume.
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eexus Toothpickle
@Toothpickle, Yeah by break through I meant it needs to break through and stay below $23. To really clarify, when a move is considered as "breaking" through major resistance it needs to go past that level with confidence and continue to stay below it (in this case). Therefore it would need to close multiple trading days below $23 to consider it effectively broken... OR... it breaks through multiple levels in one big move (ie. $23 and $16). That would indicate a potential major shift in the direction of that trading vehicle.

Lower shadows (the thin lines below the candle's body) don't really count. Those are intraday lows which can often be misleading or done to force out weak hands that are automatically set to sell if the price goes below $23. Hope that helps!
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eexus Toothpickle
@Toothpickle, Oh yeah and regarding high volume, when you look at the candles that have lower shadows that go under $23, the size of the bodies are pretty small. That's actually pretty positive. It shows that it was a strong battle for resistance within a tight trading range. That means there was a lot of fighting happening to keep the candle above $23. If the stock is falling on relatively low volume without resistance than it's kinda iffy. ;)
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