Hello traders, investors and the community! Welcome to the technical analysis of LTC / USD, today we will look at the perspective of the 4-hour period. Since technically the asset moves very competently and correctly. Let me also remind you that LTC is one of the few who have not yet updated their global ATH by $ 367.
But back to the actual schedule. In addition to the almost perfect parallel Bullish Channel (the pattern is a reversal), more locally I see another excellent signal - this is a “Double Bottom” on the retest of the lower border of the channel. Moreover, support at $220 is a highly liquid level, the next similar level is already at $265.
4-hour LTC / USDT chart
A positive forecast for LTC will also be the intersection of the MACD line (blue) above the signal line.
To summarize: All elements of those analyzes indicate the need for a reversal, and there is no point in arguing with them. The asset is clearly sufficiently unloaded, fixations took place on huge volumes - whoever wanted to have already unloaded, so the bullish trend can continue. Confirmation of the reversal will be consolidation above $241 and then exit from the figure in the upward direction. The global goal is the same - ATH for $367 should be updated. Earn money.
?? Earn money, but don't forget about risk management and money management.
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Disclaimer: This article is informative and does not provide information on where to invest. If you are planning to invest, do your own research.
