Once again, I can only laugh at what Is happening in the cryptocurrency markets. Remember to follow me on Tradingview
While I had made so notes on the current market before going to the gym, it turned out that 1 hour was all it took for cryptocurrencies to pull back. If this is the first time reading one of my market analysis ideas, then you will be in for a treat. As a VWAP trader, I like to look at the volume weighted average price using the Bi-Weekly & Monthly VWAP lines. It is easier to find great spots in a clear trend when the price shoots away from the VWAP. As we all know, price MUST retrace back to a central point. Looking at the current value of Litecoin, you can see that this colossal selloff has broken both the Bi-weekly (light blue) and Tri-Weekly (dark blue) VWAP lines, but bounced back between both VWAPs.
In my eyes, this has confirmed that buyers are not willing to pay more than $120 as it stands, plus we have now seen a 17% drop from this month high at $121. This should come at no surprise, and if you are looking to enter this market, you will be looking for prices between $101 – $88.
Take a step back for a moment and look at the points of control on the chart (red arrows). As they have not been breached, they will be a potential price point which will see price move towards. $101 will be breached, and I am confident the price at a “bare” minimum (pun intended) drops below the monthly VWAP (yellow line). The monthly VWAP will be making its move on 1st June, which means you will need to be ready for the next opportunity to buy more Litecoin.
I have provided you with an excellent value area in green to buy more Litecoin. If you can stay patient, I would wait until the 1st June to see if the Monthly VWAP moves above $100.
“Patience is the key to any market” – Nathaniel.
Next update will be on the 1st June 2019 – Thank you for your love and support.
Nathaniel – “The value Trader”
Little Big Movement