Whats up traders, I hope you are all having a good weekend.
Here we have LTC/USD on the 4H chart.
Recently, price has been in a strong up move. Price has a lot of momentum to the upside at the moment.. On the 4H chart, it is clear that price will eventually correct.
*Disclaimer* I am in no way implying that price will correct from current levels. I am merely showing where the likely correction areas will be when it does correct.
Despite price having a big bull run, eventually it will be time to correct. I believe that price will eventually stall to one of two levels. I have considered these areas since they are: Of structure, and, they are to be reasonable expected areas of correction based on technicals on the chart.
This trade could play out in 2 ways, I have outlined them below
-When price is ready to correct, it will go to the downside, and seek out the sideways resistance turned support channel at 210.
-When price is ready to correct, it seeks a larger correction to the downside, approaching the first major structure that LTC/USD has ever seen,
at around 155.
Bare in mind that I am an enthusiastic bull with Litecoin. I am merely pointing out possible correction levels that Litecoin will depend on when price lacks momentum.
There is a lot of fundamentals behind Litecoin that I really like, and when I am ready with my next analysis I will be going into the fundamental logic of this trade in more detail.
I will update this analysis as the trade progresses.
In the related ideas, I have posted my other ideas. Please like my other content.
Here we have LTC/USD on the 4H chart.
Recently, price has been in a strong up move. Price has a lot of momentum to the upside at the moment.. On the 4H chart, it is clear that price will eventually correct.
*Disclaimer* I am in no way implying that price will correct from current levels. I am merely showing where the likely correction areas will be when it does correct.
Despite price having a big bull run, eventually it will be time to correct. I believe that price will eventually stall to one of two levels. I have considered these areas since they are: Of structure, and, they are to be reasonable expected areas of correction based on technicals on the chart.
This trade could play out in 2 ways, I have outlined them below
-When price is ready to correct, it will go to the downside, and seek out the sideways resistance turned support channel at 210.
-When price is ready to correct, it seeks a larger correction to the downside, approaching the first major structure that LTC/USD has ever seen,
at around 155.
Bare in mind that I am an enthusiastic bull with Litecoin. I am merely pointing out possible correction levels that Litecoin will depend on when price lacks momentum.
There is a lot of fundamentals behind Litecoin that I really like, and when I am ready with my next analysis I will be going into the fundamental logic of this trade in more detail.
I will update this analysis as the trade progresses.
In the related ideas, I have posted my other ideas. Please like my other content.
