Crypto Analysis Report 7-7-18 Litecoin In Demand Zone At $70-$80 Now
I last spoke about Litecoin three weeks ago,
I stated I thought Litecoin would be a great buy opportunity for long term bulls down at $70-$80 for the following reasons:
Price is low on the curve, price likes to go from one extreme of the range (low on the curve) to the other extreme of the range (high on the curve).
Price is sitting not only within a daily demand zone, but also within an weekly demand zone as well.
Price told us there are a bunch of unfilled buyers when price came down and quickly shot back up on February and formed a floor in mid-April.
Well, price came into the zone of unfilled orders and I saw my ideal price action that I look for when price enters a zone.
1Price formed a leg in candle.
2 Price formed 3 basing candles.
3 Price formed a leg out candle and was able to take out and closed above some recent wicks.
4 Price pulled back given an opportunity for buyers to buy who were waiting for confirmation.
5 If price is going higher, price needs to take out the most recent pivot high at $90.
The next test for the longs will be battling the sellers at $95. If the buyers win this battle, price will have confirmed an uptrend on the daily chart.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
I own some Ltc.
I think Ltc has a great team behind it.
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It has deviated from the lowest price. And it is also the supporting point It seems to be timing of technical rebound. I think that It's byuing by swing trading. Because it has dropped below 66% of Fibonacci.
A common fib retracement is the 61.8.