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Support and resistance levels:
After getting rejected by $170 resistance now the price action is breaking down the $140 support. The next support is at $110.
Up-trend line support:
The priceline of LTC has found good up trendline support on the 2-day chart and testing this support at the moment. At the same support level, there are also exponential moving averages 10 and 21 supports.
Down channel:
On the weekly chart, the LTC with BTC pair has formed a down channel and the priceline is at the support of this channel at the moment. There are 25 and 50 simple moving averages resistance levels above the priceline.
Shark Move:
The priceline has completed a Shark move on the weekly chart and entered in the potential reversal zone.
A bullish Butterfly move:
If we zoon out the same weekly time period chart, then the price action has completed another bullish harmonic bullish Butterfly move. The final leg is retraced up to 1.269 Fibonacci level whereas we need a retracement up to 1.27 so there is a difference of 0.001 Fib level. Therefore it is possible that the price line may drop a little down and then start a powerful rally to the upside.
Big BAT move:
On the very long-term 2-month chart the price action has completed a big BAT pattern and entered in potential reversal zone:
Conclusion:
The price action has formed a small shark then a big butterfly and then the biggest BAT harmonic moves. Therefore there can be a big chain reaction started that will lead the price line to set a new high.
Support and resistance levels:
After getting rejected by $170 resistance now the price action is breaking down the $140 support. The next support is at $110.
Up-trend line support:
The priceline of LTC has found good up trendline support on the 2-day chart and testing this support at the moment. At the same support level, there are also exponential moving averages 10 and 21 supports.
Down channel:
On the weekly chart, the LTC with BTC pair has formed a down channel and the priceline is at the support of this channel at the moment. There are 25 and 50 simple moving averages resistance levels above the priceline.
Shark Move:
The priceline has completed a Shark move on the weekly chart and entered in the potential reversal zone.
A bullish Butterfly move:
If we zoon out the same weekly time period chart, then the price action has completed another bullish harmonic bullish Butterfly move. The final leg is retraced up to 1.269 Fibonacci level whereas we need a retracement up to 1.27 so there is a difference of 0.001 Fib level. Therefore it is possible that the price line may drop a little down and then start a powerful rally to the upside.
Big BAT move:
On the very long-term 2-month chart the price action has completed a big BAT pattern and entered in potential reversal zone:
Conclusion:
The price action has formed a small shark then a big butterfly and then the biggest BAT harmonic moves. Therefore there can be a big chain reaction started that will lead the price line to set a new high.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.