Hey friends, hope you are well and welcome to the new update on Litecoin.
Bullish BAT executed:
In my previous posts, I have shown two movements of the LTC coin one was the bullish BAT on the daily chart.
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Breakout from the descending triangle:
Another was a big descending triangle on the weekly chart.
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And as per prediction the price action finally the priceline took a powerful bullish divergence from the potential reversal zone of BAT and broke out the resistance of the triangle. This move was more than 56%.
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Movement in up channel:
Now on daily chart the priceline has started its move in an up-channel. At the moment the price action of LTC has reached at the resistance of this channel. In the meanwhile the price action has also broken out the 25, 50, 100 and 200 simple moving averages and using 25 SMA as good support.
A new move in symmetrical triangle on long-term:
Now on long-term weekly chart the price action has started a new move in a descending triangle. The formation of this new triangle was started in Feb 2020. At the moment the price action has reached at the resistance. If the price action will not be able to breakout the resistance this time then it may retest the support of this pattern. The 50 SMA is already at the support therefore there will be less chances of breaking down the support level. However, whether the priceline breaks out the resistance in current attempt or after re-resting the support the next target could be $100 (as per measurement of tail of the triangle to the support and placing this measurement at the tip).
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Conclusion:
We have very strong supports at the support level of the triangle, however, if you are trading LTC in the short term then you can set your stop loss at the support of the channel on the daily chart. And if you are trading this coin in the long term then the stop loss should be set the support of the triangle and the 50 SMA on the weekly chart. Because the support of this triangle is the basic market structure for the price action in the long-term if it will be broken down then a long term- bearish rally to the downside can be started.
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