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๐Ÿ“ˆ Daily TA: Litecoin (LTC/USD) | 02-12-2021

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cryptospa
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All Time HIVE and hodl, dear members of LeoFinance!

Today, I would like to comment on the chart of Litecoin.

It seems that, in the 4-hour chart (4H), after testing the lower line of the Ascending channel (uptrend) and receiving support, LTC/USD is going to form another bottom at the trend line: If this bottom forms, it will be the third one in the sequence of higher lows - a confirmation that the uptrend continues.

However, it is worth having a look at the 1-hour chart (1H), where LTC/USD has still not overcome the resistance - the descending line based on the lower local highs: As can be seen from the chart, LTC/USD is now approaching the resistance line. If it overcomes the resistance then, in the 4-hour chart, the potential local low will get confirmed, and the chances of the uptrend renewal will increase.

To be continued ...

As of the time of writing, one LTC costs $206,19 on the Coinbase crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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