Conclusion for today’s Litecoin analysis:
Price close above ~84.28 implies further upside or bullish momentum in Litecoin.
Litecoin analysis for today uses a 1 hour timeframe to explore opportunities, long or short. Previous Litecoin chart analysis can be found here. Chart inspection is from the most recent price peak of 99.43 on April 03, 2019 to current date.
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Market action that ensued after the April 03, 2019 peak is captured using a bearish price channel with a price high of ~86.51 being the most recent price peak used to connect the upper boundary of the channel.
The same price pivot (i.e. 86.51) serves as the origin of an inner channel that exists inside of the bearish price channel. The inner channel is also bearish and is acceptable for use in projections and other implications as it is acceptable and quite a common occurrence for chart patterns to nest inside one another.
82.64 and 80.52 serve as immediate resistance that will be broken to the upside as part of resumption of bullish momentum in Litecoin. Therefore buying a breakout above 82.637 (upper boundary of channel) is considered conservative as this would have seen price break the inner bearish price channel to the upside.
An even more conservative long (buy) strategy involves waiting until a breakout above the upper boundary of the bearish channel (in blue) at ~ 84.28 before entry of bullish (long) positions.
Conversely, a break below the lower boundary of the inner channel and a break below the lower boundary of the bearish channel (in blue) implies an increase in selling power.
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