Analyze graphs: Litecoin is preparing for growth. Time to buy?
Source:
After the rapid fall of Bitcoin on Thursday the stock market continued a gradual decline to the bottom. The main bitcoin still below $ 4,000, which greatly enhances the bearish pressure on the prices of altcoins. Is currently trading at 33 dollars, over the past day coin lost nearly 5 percent of its value.
You will Support the buyers the possible start of the local bullrun LTC? Though on the daily chart cryptocurrency shows the losses over the past week she was able to add three percent to its price. Consider the situation in more detail for each timeframe.
theTechnical analysis
On 1-hour chart formed two local LTC downtrend line. Drop Aldona stretched from 41.6 to 33.54 USD. The recent Litecoin price fluctuations led to the creation of a fairly strong area of resistance around $ 42.
Source: Included
The Readings of technical indicators are encouraging — on a local scale traders are counting on a quick end to the fall. Parabolic SAR pointed out the last few candles of the chart below, which indicates a gradual slowing of the discharge. The Chaikin Money Flow is above zero line, so that the capitalization of the coins are still taking money from new investors.
Finally, the most important on the scale of the 1-hour chart on MACD held a bullish crossover, indicating that the formation of local bottom for the asset. At the moment the indicator line gradually moves up.
Picture 1-the daily chart also gives cause for optimism. At this scale, the downtrend lasted from 74 to 40 dollars. Soon the price of Litecoin going back to test that line. Judging by the condition of the market, bulls have all chances to take new position and to prepare for future growth of the asset.
Source: Included
We Recommend opening a long position after breaking the resistance zone of $ 40. In the case of a failed test of the downtrend the coin would have to short sell.
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