If we start breaking down through them, then it's gon na get a little bit more questionable. So I'm gon na set some alarms with you today, and hopefully you get something from this. If you do guys don't forget to like subscribe hit that notification bell appreciate you being here with me, puis, like I said I'm gon na continue to cover litecoin as much as possible. It'S coin I've always loved I've, always felt has a good use case to it and I'm gon na cover it, quel que soit le prix, so let's jump into this, and I want to show you what I was looking at. Alors, first of all, we're, just gon na start with some of the bearish things. d'accord, so we have lost our 20 ima and that's significant, because we started breaking up above it back here in early January, when we first got up above it and each time we have found support off it as we are continuously moving up and as you could See there's some wicks here and it looked like the Bulls were defending this area and we also had a hammer candle with a bullish engulfing candle. So this would have been the area that we are looking for that higher low and we tried to move up. We made it to about 80 and then we started to dump back down and we fell with Bitcoin and that's, something you always have to be aware of is litecoin if it's gon na start pumping I'm.
Pardon, if Bitcoin starts pumping a lot of times, light coin is gon na, go with it and vice versa, and that just is the name of the game. There could be a perfect setup for light coin. If Bitcoin dumps, then it's most likely gon na drag it down along with it, so you always have to your Bitcoin analysis first and then go into your light coin analysis now, in terms of some of the bullish things that I'm looking for in terms of light Coin, what I would want to see next is a bounce off this 40 moving average – and this is an orange here. This has been pretty significant all throughout the downtrend. It acted as a very strong overhead resistance for us, as you can see right here. So what we're looking forward now is to become strong support on this upside, and what you have to remember is in the cryptocurrency space. You have extremely strong moves to the upside, then you have very deep retracements many times back to the 0.618 Fibonacci level and then you'll have that next, once again it retraces so much that people start to get nervous and they say. Is it gon na be a trend reversal and then all of a sudden, you start popping back to the upside and that's just the name of the game so be very aware of that right now and just stay calm, because what we're looking at here, we still Have our golden cross, our golden cross took place and that's significant.
It happened for a reason and what I'm looking for is for litecoin to stay up above that golden cross stay up above the 50 moving average, which is at 61 and then up above that 200 journée, moving average, which is at 59 dollars and 82 cents. It'S. Very important that we stay up above that 200. We broke it on a strong long day, candle and that came on January 30th and all the month of February. Now we have traded up above that, so to drop back through it. That would show a lot of weakness and we do not want to do that. I believe we will find support off this 50 or off this 200 day moving average if we are to continue to move to the downside and we'd also be looking at for support area around 63, 82 and that's, getting close to where we're at right now so We'Re gon na have to see if we start having some type of bullish, candlestick pattern off that support, set that next higher low there and potentially come back up here and then we would have challenges to the upside of 78 dollars and 15 cents. We have to break to the upside and then it would be up around 83 dollars and 87 cents that's, where we got up to our previous high after that. We'D start looking up to around that hundred dollar psychological level. But you have to just be aware here and as we go through with our price range tool, the last major retracement we had in an uptrend.
We went down almost 20 pour cent 20 and a half percent retracement before we went on the massive run to the upside. So right now from that 83 or so down, we're getting pretty close to around 20 à 23. So we should be finding some type of support in this area here, but this is typical for litecoin for Bitcoin. As we look back here, look at this one. It has how much we pumped and then we had a massive retracement and then we continued on big retracement. We continued on big retracement, so this is very common back in here. Big pump, massive retracement. So this is where you can't really freak yourself out. You know if you're looking down at these levels right now and you've hobbled all the way through this and you okay, I'm, just gon na sell out now, because I'm scared, this isn't financial advice. For me, this is when you want a huddle when you're in an uptrend is when you want to hold on to the position that you have. You don't want to do that in a downtrend when we make these. You know here just to give you a good example here we made a massive dump down if you want to play this reaction, that's fine, but know that it's, a reaction in a downtrend and then you're gon na sell out once you get towards that 50 moving Average and that's what a lot of guys did here, you can see how even whipped up to it many times now what we be looking for is support since we're in an uptrend.
We need support of that 50 moving average to show that this is a true uptrend and then, if we take our Fibonacci level and we pull from the low of this move or this intermediate term, uptrend we've been in to the high we're looking right now at That 0.38 à 66 dollars and 45 cents is what we were call it that's a typical area for a bounce from a retracement and that's still very healthy, and that would also correlate or you'd find that confluence with the 40 moving average. So that's an area that I'm definitely gon na watch and then I'm also gon na look here at this 50 that's, 0.5 and that's also correlating around where we had that golden cross. So could we pull back into that area absolutely, but do I believe that the entire trend is changing right now? I don't I feel like this is healthy. We needed this big retracement so that we can power up through right here. bien, since we got our golden cross, we need move room to, let that run to the upside. Just like here guys we got the golden cross and look how much it pushed us to the upside. The golden cross took place at 44. We went all the way up to about 150 or I'm – Désolé, 143 dollars there to the real bodies, and now what we're looking at is our golden cross taking place at 60 and we're going to see if they can get us back up to around? That hundred and fifty dollars – so you know, if anything this is more looking at win – would be a potential goodbye area.
You know to start accumulating a little bit more for potentially the next leg up and what I like to do is build a position so say you're. Looking at this now and you haven't had a position. You'Re going. d'accord, lay coins at 68 maintenant, we've had a decent retracement from the highs up in the 80s there. This is what I want to start, giving me some light coin and start layering in slowly and then, if it drops more, you build more of a position. Building more position, the heavier buys or the lower you go, and then you look for that. Next leg up and we're gon na have to just see if this trend continues. So you know that's what I wanted to share with you today. I didn't want to get into too much else. Just wanted to really look at the price action, but also always pay attention to candlesticks, just like up here on the one day when we had that bearish engulfing candle. That was a sign that we may have started to have that retracement. So these are the type of things that you always want to put in your corner put in your back pocket, but we have a lot going for us here that Golden Cross is taking place and I believe we need room or a breather before we get that. Next leg, up and that's what's happening right now, so that's just my opinion, guys you get some from this like subscribe, hit that notification belt.