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In todays analysis, we will be looking at LITECOIN(LTCUSD). At the time of this writing, on 11 July 2017, the current price of Litecoin is $42.98.
Whilst others cryptocurrencies have been "treading water" waiting for the impending segwit implementation on 1st August, Litecoin has done its own thing. Last week saw it make a rocket rise achieving new highs on $27 June 2017 @ $55.59. However, since then we have seen a pullback and in this analysis, I will show you where I think Litecoin is heading...
PLEASE WATCH VIDEO BELOW:
We begin but looking at the structure and we observe a pattern of higher highs and higher lows
To have a larger view of the chart, just right click on the chart image and select "View Image":
By using a tool known as "Andrews Pitchfork", it reveals to us the price has been contained in a channel with price respecting the upper, middle and lower bands of the fork. Price action, after making big moves, likes to return back to the median point. Here we see, after hitting new highs, it has returned to that point.
But where is price heading to now?
My view, is that I see a further pull back in Litecoin, as it gives back some of its gain, returning back to the previous lows, which coincides with 3 areas of support:
a) the lower limit of the pitchfork
b) the top of Kumo
c) previous tops
My expectation, is that in the coming days/weeks, Litecoin will lose 20% of its price value, as it falls to $34.
To have a larger view of the chart, just right click on the chart image and select "View Image":
For now, we must accept Litecoin is still bullish, however a breaking of this support at $34 will mean a change in structure and a potential for a reversal, as the uptrend transforms to a downtrend If this happens we may have a pattern changing to Lower High and Lower Low, a Down Trend.
To have a larger view of the chart, just right click on the chart image and select "View Image":
In summing up I expect a retracment back to $34 as it gives back some of its gains, then a bounce up.
After the bounce up it is worth monitoring as to whether it maintains its structure and goes on to create new highs or we move to a break support and start of a new down trend.
Hope this helps.
Analysis by Sean Vengan 11 July 2017
http://cryptotradingmastery.com/
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Sean Vengan, Cryptotrading Mastery.com
http://cryptotradingmastery.com/