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Macd-convergence

LTC... still teeteringIn my last post (LTC: FIbonacci levels are in play Apr 30) I noted that LTC has shown no clear direction up or down but that a recent pattern of price movement does not bode well. I think this is still the case. For context please note that you are looking at candlesticks, each representing one day in a chart whose scope is just over 2 months. From the chart we can see 4 (highlighted by yellow ellipticals) instances where Fibonacci levels served as support; but were subsequently broken to the downside, and six in light blue which have served as resistance. I am concerned we will break below 106 and am not sure if this will happen. LTCs price behavior, like may coins, may depend on that of Bitcoin. I think Bitcoin (and this Litecoin) may be forming a bearish head and shoulder pattern which started in late March. I am basing this observation based on 6-hour candelesticks (not visible in my chart above though it loosely shows a potential H&S). As noted in the chart we must see an extension past the .786 (138) currently serving as resistance per the fifth yellow elliptical. Volume on any such move will also be important because per 5 downward sloping magenta lines at the bottom of the chart we have seen decreases in volume leading to decreases in price and I'm concerned this pattern may repeat itself. The start of Fibonacci (106) has held as we did not dip below 109 in the most recent dip and I'm hoping it will hold in the near future as well.  Even if we extend past the .786 we could still be below the 200 day moving average. Within the current levels as long as we don't dip below 106 an argument can be made for being neutral but the coins position is simply to precarious at the moment for me to be anything but short. Also note the 50 day MA is converging towards the 200 at the point of the sad face thus I see no evidence of upside in the near term. Long term, and potentially in as little as under a month this bear market could be over and we will be headed up but the technicals have to show us evidence of that. If you find this info useful please give this post a thumbs up. Lastly I want to emphasize the importance of studying contrarian views to your own. If you are long any given coin study short opinions and vice-versa, also be flexible and willing to change your mind, be like water.
BITFINEX:LTCUSDShort
by TNasr
BTC - If crossed 7200$ we go down if 9200$ crossed we go up Hi Folks. It is pretty nervous these days isn't it? So we will try to show you where we are and why it is not that bad as it looks. Many of you complain about current situation but remember that patience and persistance are as much valued in this game as analysis and reflex. First of all we decided to draw long-term support line. Look at the mid September 2017. The price was around 3000$. Right now around 8000$. Decent return isn’t it? This line shows more organic growth rather than hype. We are nearly there, so only really bad news from the market or some big whale can make the price even lower. Look and the roughest dip lately – 6000$. When it happened, the price returned very quickly to the level of 12000$ (which is very strong resistance). It means 6000$ is very cheap for the market, even though makro surrounding is unstable. Regarding last G20 Summit here is the link with the summary and down below we are listing positive examples of countries (legalizing crypto or going to):https://cointelegraph.com/news/g20-and-cryptocurrencies-baby-steps-towards-regulatory-recommendations Australia Australia is one of the few countries that has actively started building its own cryptocurrency regulations that suit it, without much outward glancing for hints or presidents. For example, the government recently addressed exchange regulations with a mandatory law. Brazil Brazil and its government have seen a lot of potential in Blockchain and to that end have started upping their efforts into research and development of the new technology. Canada Canada is another country that is in a similar boat to that of Australia as they have started the arduous journey of regulating, but in a positive and friendly manner. The Canadian government has given the go ahead to its first ever Blockchain-based Exchange Traded Fund. France As one of the nations looking to open up the dialog on cryptocurrency, France’s stance is clearly geared towards building a regulatory framework that can work globally for a currency that is used globally. Germany Germany are also keen on opening up this dialog, having stated before the G20 suggestion was made, that the only way to control cryptocurrencies would be for international cooperation. Japan Japan made headlines a few years back when it announced that Bitcoin was a legal currency, however, its loose approach to regulation has recently been curtailed as more and more issues have forced regulators to step in. Mexico Mexico will soon be joining the likes of Canada and Australia as countries with active cryptocurrency regulations. The central American nation is just one signature away from regulating cryptocurrency after a law setting out its position passed the lower house. The USA “Do no harm” was unquestionably the right approach to development of the Internet. Similarly, I believe that “do no harm” is the right overarching approach for distributed ledger technology,” J. Christopher Giancarlo, chairman and witness of the CFTC, expressed in front of the Senate this year. Let’s look at the chart and technical analysis: According to Elliot Wave Pattern we may touch level of around 6800$. That level would be identical with the level of organic growth line. We should bounce from this level up up up. If we cross 9000$ it would be strong trend reversal sign. Next very strong resistance at 12 000. It will be difficult to cross it but once we do it we can stay happy and wait for another levels such as 17 000$ and 20 000$. MACD convergence which is very good sign - strong buy signal (light green lines). THIS IS VERY IMPORTANT. Stoch RSI - oversold zone - buy signal SMA 50 & SMA 200 almost at the same level - healthy level achieved. STAY TUNED! DO SHARE YOUR VIEWS WITH US.
BITFINEX:BTCUSDLong
by WBM_Team
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