Litecoin (LTC): Another Fakeout?

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Litecoin (LTC): Another Fakeout?

 

A quick look at everyone’s favorite pet rock, Litecoin (LTC). The LTCBTC ratio is about to enter into overbought therefore it has some momentum on it’s side. Sadly there is a lot of similarities between the last fractal and if the bears are going to continue this action then we are currently located at the green flag on the chart.

 

The anatomy of this trade is to take seriously that the weekly chart is almost overbought. The lack of movement is concerning so there could be one last push to oversold before a bull market can begin. Rather than gambling it seems as if the safest trade is to average in once it starts to breakout of the horizontal resistance a pinch above 0.00652 ish.

 

Charts are powered by the SCMR Analysis Suite on Tradingview.com

BTC Tip-Jar: 18BBg2dhuvxqwoH9u1sVeEwMgMqESAZ79a

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