LiteCoin (LTC/USD) Analysis December 22, 2017
Never mind what conspiracy theorist are churning, they often talk smack when the chance is there. I still admire Satoshi and other developers who decided to go anonymous and avoid all these shenanigans and limelight.
Buy or sell decisions is on you and the collective intelligence from traders can assist in the process and that is why right now, looking at the weekly chart, a beautiful doji is printed.
That means buyers and sellers are equally matched but given the stochastics, I’m convinced bulls will push prices higher and even close above $350 which is the third Fibonacci extension level.
From the daily chart, LTC prices were actually slowing down and those series of lower highs coincided with that announcement. I will simply watch out that minor support trend line and $350 for triggers.
Of course I want prices to move up and close above $350 but should bears drive prices below the minor support trend line, I will have to wait for better entries perhaps maybe at the 20 period MA.
That is when I will be convinced prices would have achieved equilibrium especially if there is a bounce from that level.
In our entry chart, it’s a joy to see how Fibonacci retracement levels are turning out to be awesome support zones.
Our buy zone remained anchored at around the 38.2% and 61.8% levels but as it is, prices are bouncing off the 38.2% level meaning buy pressure is high.
In the secondary chart, those stochastics buys may push prices above the 20 period MA. That happens, we enter long immediately after candlestick close.