LTC is testing the monthly support , where is the next target ?
Hello traders 🐺 .
let's start with the Weekly chart :
in the weekly chart we could see that LTC currently is at the clear descending channel which is a bearish sign , but I found something very interesting about the LTC which could be an absolute unique trade for the LTC , let's talk about that .
if you draw Fibonacci retracement tool from the bottom up to the top you will find that LTC is currently is at the a very important level , from the Fibonacci view LTC is currently testing the 0.786 and in the other hand testing the monthly support structure .
as you know when you find different points of the confluence its means in that level we have a strong area of a resistance or support , so we can decided that the LTC currently is at a very important level .
let's look at the next interesting chart for the LTC :
here we have LTC/BTC chart which in my opinion is extremely looks bullish , in the chart above we have a falling wedge pattern , as you know wedge pattern is in that types of the patterns which count as accumulation or distribution pattern and usually we can conclude an exusting situation in the market .
in the above chart we could see an accumulation situation in the market which takes 1400days , this is something extremely bullish sign for the LTC/BTC price , and currently you can see price is at the decision point .
ok guys now it's time to go back to the LTC/USDT chart and look at the daily time frame :
in the daily chart again we have another falling wedge pattern which it's seems to break currently and the technical target could be around the top of the wedge near to the 0.5 Fibonacci level .
guys this is a long term trade so make sure you are enough patient to hold LTC and enjoy the high profit .
let's start with the Weekly chart :
in the weekly chart we could see that LTC currently is at the clear descending channel which is a bearish sign , but I found something very interesting about the LTC which could be an absolute unique trade for the LTC , let's talk about that .
if you draw Fibonacci retracement tool from the bottom up to the top you will find that LTC is currently is at the a very important level , from the Fibonacci view LTC is currently testing the 0.786 and in the other hand testing the monthly support structure .
as you know when you find different points of the confluence its means in that level we have a strong area of a resistance or support , so we can decided that the LTC currently is at a very important level .
let's look at the next interesting chart for the LTC :
here we have LTC/BTC chart which in my opinion is extremely looks bullish , in the chart above we have a falling wedge pattern , as you know wedge pattern is in that types of the patterns which count as accumulation or distribution pattern and usually we can conclude an exusting situation in the market .
in the above chart we could see an accumulation situation in the market which takes 1400days , this is something extremely bullish sign for the LTC/BTC price , and currently you can see price is at the decision point .
ok guys now it's time to go back to the LTC/USDT chart and look at the daily time frame :
in the daily chart again we have another falling wedge pattern which it's seems to break currently and the technical target could be around the top of the wedge near to the 0.5 Fibonacci level .
guys this is a long term trade so make sure you are enough patient to hold LTC and enjoy the high profit .
