Cryptocurrencies Outlook | LITECOIN
Monday, 9th July 2018
Note: I use New York Close Chart for all my Trading Analyze.
LTC/USD
Like BTC and ETH, LTC may have hit an important low of 72.02 on June 29.
LTC is by far the weakest among the 3-cryptocurrencies tracked and it remains deep in bear territory.
For the time being, we’ll take this rebound from 72.02 as a technical correction although it too like BTC and ETH could be a turning point.
Potentially, this turn-around could eventually make a move for the May 6 swing high at 183.28.
However, in the medium-term, topside potential is probably limited to the supply zone at 94.69 – 98.47.
In the hourly time frame, the counter-trend rise from 72.02 is developing nicely however, the highest LTC managed to recover to was 89.12 on July 3.
Since then, no new high has been registered and is this is troubling for the immediate bullish case.
While both BTC and ETH managed a new high for the week after last Saturday’s surge, whereas LTC price action was not so robust.
Only a surge beyond 89.12 to put the immediate bullish bias in LTC back on track.
Going forward, we could see a dip into the immediate demand zone at 77.30 -79.76.
TRADE IDEAS
Follow Me
Disclaimer:
Any Advice or information on this blog is General Advice Only. It does not take into account your personal circumstances, please do not trade or invest based solely on this information.
By Viewing any material or using the information within this blog you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Traders Academy International, it's employees, directors or fellow members. Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in those markets. Don't trade with money you can't afford to lose. This blog is neither a solicitation nor an offer to Buy/Sell Futures, Spot Currency, CFD's, Options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this blog. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning:
Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency Trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency trading and be willing to accept them in order to trade in these markets. Futures, Options, Index, Cryptocurrency, Commodity and Spot Currency trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this blog is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.