Litecoin daily chart a series of lower highs
Crypto Slate Technical Analysis: This week, we will use technical analysis to look into the current price action of BitcoinLitecoinEthereumBitcoin Cashand Ripple. Please use extreme caution when trading any cryptocurrency. Using past information, the chart shows Bitcoin has rejected the red area several times.
The lagging span is about to break out from the cloud, and the latest candle looks to be bouncing directly off the Tenkan-Sen. RSI is somewhat overbought, with slight bearish divergence. Ethereum blew right through the highlighted resistance level last week after breaking out of the cloud. This week, it sits on top of the level. After resistance levels are breached, they often turn into support levels.
Keep an eye out for the price action over the next few weeks to look for bounces off the area. After making a major move out of the cloud, Ethereum is heading towards the Tenkan-Sen. The Tenkan-Sen was sloping upwards indicating high momentum in the market, but it is currently flattening out. It tested a local resistance level but turned away. Expect retests of this level in the coming weeks.
Adding Ichimoku Cloudswe see Litecoin is close to exiting the cloud. Over the next week or so we should be able to tell how strong of trade signal this cloud break will be. It is towards the top of a resistance level, and if it makes a significant breakout of the range, it could see even more upside. You can spot RSI divergence with the drawn diagonal lines. Price is making higher highs while RSI is trending downwards.
Despite Ripple being hit with a class action lawsuitits price has been holding up well. Depending on if the lagging span breaks out as litecoin daily chart a series of lower highs, you could make a trade here and catch some litecoin daily chart a series of lower highs. There is some bearish RSI divergence which can be a red flag, but this trade is still developing. Many of the above examples show signs of bearish RSI divergence. Bearish divergence occurs when an oscillator such as RSI is making lower highs, while the price is making higher highs.
It is possible that the market is pulling back slightly after a very bullish week. Technical analysis is not always correct, and should only be used to make more educated guesses on your trades. A combination of both fundamental and technical analysis should be used to ensure more successful trading. The post Technical Litecoin daily chart a series of lower highs