LTCUSD overviewOleg Alexandrov
I use the daily chart from the Coinbase exchange.
On July 10, a downtrend started, it developed in a classical way within the downward channel (shown by red wave lines). The price fell under the round level of $ 60 per coin. Then interesting events began.
1) A bearish breakdown of the level of 60 dollars per LTC provoked some panic on September 24th.
2) What happened the next day? Large volume, but the price is not reduced.
3) Again, a large volume, but the price is not reduced. Bars 3 and 4 are both EVRBs (despite they have different colors). This means that a large interest entered the market and began to absorb the coin at a bargain price, using a panic sales flow.
4) Sales pressure has decreased. This is a weak suggestion. NS.
5) October 23. SLKB, a bear trap that slammed on October 25th. October 25th should be considered as DB.
Thus, we have Panic + EVRB + NS + SLKB + DB – total we have a sequence of 5 signs that tell the story of accumulation in the region of $ 55. The story seems true.
6) The price increase on November 4 after reduced activity in the last days of October (and the first days of November) should be considered as the pressure of buyers (DB) after a period of indecision caused by a shortage of sellers.
So. Given all of the above, the bearish red channel is under fire. Using a base in the region of $ 55, buyers have facts and potential for breakout and subsequent growth.
Thanks for your attention.
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