Dude what's, going on Chris here, I wan na bring it all an update today, a litecoin right now, we're sitting at fifty three. Ninety we're up eight point: seven one percent: what we've been paying attention to the last month is the change of trend for litecoin. The trend, analysis and that's what we're gon na be digging into today, because litecoins really making a nice strong move here guys – and this is what we've been waiting for now. I want to see a little bit more volume continue to step in with this move, but it's nice that we're finally starting to get this trend, change and that's. What we've been looking for for quite a while here and guys, if you like me, covering litecoin like subscribe, hit that notification, but, like I said I'll, be here for you, regardless of the price we're gon na, make it happen I'm gon na do the best. I can about your financial advisor, so let's dig into this. First of all guys. What I like to look at is trend line, breaks, whether it be on the short term or intermediate term like over here. This was an intermediate term uptrend and you can see once we broke down through this downtrend. We back tested it, but ultimately it led to this six month, downtrend. Now, what we're looking at, if you can see this white trend line right here, we're actually breaking out of this downtrend that we've been in for six months.
You can see right here. We broke out of it I'm gon na zoom into all this. We actually almost back tested that area and now we're pushing up again and what we're gon na be looking at in red here, our resistance areas and remember guys, when you break a resistance, you want it to then become support. So you break through the resistance. A lot of times, you'll come back you'll back test and you want to see that resistance hold as support older resistance becomes new support. So what we have to do is look at this trend now lower highs, lower lows until we have this reversal right down in here, and we started to have higher highs and higher lows coming in and that's the trend change now. What we need to do here guys – and these are the overhead resistances – you can see once we broke through this green resistance line right there, we back tested it, so that became new support and then we had that next push up. Ultimately, this yellow trendline. This is the main uptrend that we need to continue: okay, guys it's, going from a short term we're trying to get it into an intermediate term, then, hopefully a longer term, but right now, we're up above on the four hour, our 20 or 40 and our 50 Moving average, so the trend is up, as you can see higher highs and higher lows. The next resistance area, we're gon na be running into is 55 dollars and 19 cents that's going to be this area.
We had here a little consolidation before we made a big plunge last time someone be looking at 5519 for us to try to break and then turn that into support the next area after that is gon na be 60 to the upside 6006 and then it's gon Na be sixty four, Oh forty, five is what I'm gon na be looking at. Those are all the upside targets and now, in terms of the downside, if we start falling again, I want to find support at fifty one sixty we should find support, or we should find right there at that. Fifty dollar mark that green fifty dollar mark we're talking so much about the psychological level of fifty dollars guys and we found support off it. So that's a good thing and you can also see volume started to come back in in this area as we're starting to move up because remember with up trends, you have to have heavier volume accompany them, so they can continue to move when you're in a downtrend. Like we were over here, the market can naturally fall upon itself, but what we need is buyers to step in, to continue to push this price up into these higher highs and higher lows. So what I want to do next guys I'm gon na eliminate all these resistance areas so remember that was 5519, 6006 and 6445. Those are all going to be resistance areas that we eventually want to turn into support, so we're gon na look at that we'll.
Take this one off as well guys and now I just wanted to look at this rounded bottom action that we had some people say: it's a sloppy inverted head and shoulders. Others will say it's a rounded bottom. You can look at it kind of either way, but ultimately, what this is is a bottoming pattern, we're trying to find that bottom after being in a downtrend for six months, just like over here guys when we found this bottom, let me move it over, so you Can see down in here where we pushed hard down, then we pop back up down again pop back up, so this was almost like an inverted head and shoulders here and then that's. What kind of kicked off this entire run that we had for the beginning? Part of 2019, but you see the higher highs and higher lows coming in and for this trendline guys you could even just a rough one here you could even drag it all the way back down in here. We try to get as many points or as touches as possible, so it'd be somewhere right around in that range there. But you can see when we had that break. It was a big deal so now we're having that break to the opposite and what we're? Looking for is for this uptrend to start just like we had back in here so that's, what it's all about guys! You can look at this entire year.
Here went straight up and then we went straight down and, in my opinion, that's the importance of taking profit. You don't want to give up after you've ran this hard from 22 all the way up to a hunt. Fifty dollars. Do you want to give it all back down to 35? You don't, you want to protect those profits, guys and that's the power of looking at these trends. That'S. Why? I like to look at trends short term intermediate term and longer term trends, I'll, go off price action and then I'll start getting into indicators and other things like that. Right now, on the 4 hour chart where it's 66 on the RSI you can see, we have an upward trajectory here. Excuse me if we draw our trendline down here. This is what we would need to see hold just like this, as we put about right in that range, because whenever you're drawing trend lines, you want as many touches as possible. So we'd have one here, two and three, so this would be our uptrend line that we need to continue to hold on the RSI on the four hour time frame and then we'll take a look at the MACD and guys, like I said, if you like these Videos you get something from them like subscribe, hit that notification bell, help it grow. I know, like coin videos, don't get near the views that they used to people aren't as interested, but I still them.
I think, like coins, a good project and down the road guys, you know, I think it's gon na do well a lot of times will even lead the market out of bear market so that's, something you know, we're paying attention to right now. Macd we did have a bullish cross right here. You can see we're having higher lows coming in. You could even draw a trendline down there and we did crossed histogram ticking to the positive. So we definitely could still have a little bit more run here. Guys, we're not overbought in any category, so we definitely could continue this run. We might have a little bit of a cool off here and then that next push to the upside, but these are things that I'm. Looking for you know, take a look at this guys. That'S supply and demand shifting we had the volume climax right down in here the capitulation and then the big dog stepped in and we've been rolling ever since around that 35 mark, so we're sitting at 53, 88 right now just be careful use. Those tight stop losses. If you're gon na be playing this, but just remember the trend right now is up so that's a good thing: we're trying to break that sequence of the lower highs and lower lows in that downtrend. So god bless you all guys appreciate you being here with me today, happy Tuesday to you and let's continue to get this let's see if light coin can continue to make this move.
God bless you all.