Ethereum (ETH) & Litecoin (LTC) Update: Targets hit

in #cryptocurrency7 years ago (edited)

ETH 3-18.JPG

ETH

Ethereum has finally hit the E part of the ABCDE correction, at 560. Currently the price is still trending downward though, at 506 and has hit a low of 449 today.

If Ethereum continues to drop, to 400 since it is a known support level, then my count would have been invalidated. I would consider this to not be a correction, but rather a short-term bearish trend. Nevertheless, that statement could be false, since it could just be a temporary breach of the lower trendline.

450 could be the low though, since after reaching the oversold mark on the RSI we are seeing a bounce right now.

For confirmation of a bullish uptrend, breaking 784 (200 EMA) would be the signal.

LTC 3-18.JPG

LTC

Litecoin has hit my target resistance at 136 support at a low of 137, almost spot on. We are now uptrending quickly after Bitcoin hit a low of 7300 and is spiking towards 8000.

If we break 136, 100 will be the next support to look for a bottom. 100 is similar to the %1 fib level, so it should be a stable bottom, since Bitcoin should be also at the point of hitting the low 6000's. (That is to say, if Bitcoin doesn't break below 6000, otherwise we would be in a bear market)

At 100, the RSI should see an overextended low as well, another reason for a bounce at that level.

For confirmation of a short-term bullish uptrend, breaking the 200 EMA at 190 is necessary.

UFR.gif

Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.

Sort:  

For future viewers: price of bitcoin at the moment of posting is 7940.00USD

This post has received a 50.00 % upvote from @moneymatchgaming thanks to: @marcopagan. Upvote this Post to Support the MMG Community on Steemit! :)

You got a 4.67% upvote from @sunrawhale courtesy of @marcopagan!

This service has been created with the help of @yabapmatt so please show your support by voting for him for witness!

You got a 25.00% Prime Upvote from @alphaprime courtesy of @marcopagan!

All Upvoted posts are considered for additional Upvotes and Resteem based on quality content criteria chosen by our moderators in an effort to give something back to the community.

If you have any queries, want to send a feedback or interested in delegating SteemPower to us please join our discord channel.