Litecoin is struggling to move higher on Wednesday, as the sixth largest cryptocurrency by market capitalization failed to rally alongside Bitcoin on Tuesday. The LTCUSD pair is still trapped within a bullish descending triangle pattern on the daily time frame. Overall, the LTCUSD pair still has a bullish weekly trading bias above the $65.00 level, which is the neckline of the large inverted head and shoulders pattern.
The LTCUSD pair is only bullish while trading above the $65.00 level, key resistance is found at the $85.00 and $100.00 levels. If the LTCUSD pair trades below the $65.00 level, key support is found at the $50.00 and $45.00 levels.
@OctaFX_Official Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
OctaFX_Official
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@IgorPorokh, thank you. no signs that the bullishness is returning today but overall sentiment seems to be positive
Moon_Rocket_Capital
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Nice spot on the channel! I am looking for a long position around $65 based on a retest of the 52W moving average.
OctaFX_Official
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@Moon_Rocket_Capital, sounds like a good plan. taking a look at BTCUSD I think this is the market catalyst. Looking through the alt coins to see which are lagging. BTCUSD will be the tide that raises or lowers all ships
I'm watching BTCUSD closely; as I believe there could be a bearish divergence forming on the 1D. We had a similar move happen in the 2015 cycle as well; where BTC moved ~40% in a single 4W period before coming back down. History doesn't repeat; but it often rhymes!