It’s Superbowl Sunday and for some reason, I am not interested in this game… go figure? Let’s have a quick look at LTC on the daily.
Because this review is a daily candle analysis the resistance levels are further up the price action range.
The Orange Primary Dotted Trendline is still intact which gives us some indication of support.
The major lower support area is $30.69, but just $30.00 is best as it is also psychological.
The green overhead trendline is following data not seen on the chart, but I would put money on algorithms tracking the levels as resistance.
I see a strange looking H&S pattern, but I am going to discount it because it looks strange! We are just range trading between $30.00 and $36.00.
Upon closer inspection, you will notice we have some resistance at the .382 ($35.677) fib level which has held for at least 7 data-points in over 2-months.
Outlook:
-The short-term trend looks a bit Bearish with a chance we will test the Primary Trendline in a candle or 2.
-Even if we breach $35.677, there appears to be to no tolerance for price support above the .382 fib level (Let's see what BTC takes the alt-coins?).
-The price action is boring, so I drew a hypothetical thin Orange overhead trendline with 2-data points. If it holds, we could see a price squeeze in a few days, and if the Primary trendline holds that outlook would be BULLISH.
As you can see this is not my usual TA style writing, but this price action is boring, so I am just being real about it. I would not consider an entry at this level unless you wish to dollar-cost average into LTC and are in for the long haul. Set your alert for $32.xx and come back if that bell rings. The other alert for $35.70 and do the same. This is just my opinion, of course.
I hope you find this BORING TA useful and consider giving me a thumbs up. Don’t forget to follow me on Twitter where I Tweet out interesting news and images of Crypto-Dog, a 12-year old Chug; Chihuahua Pug mix. I will sometimes Tweet an image when out on patrol for the Sherriff’s Department.
Best,
Biff
Because this review is a daily candle analysis the resistance levels are further up the price action range.
The Orange Primary Dotted Trendline is still intact which gives us some indication of support.
The major lower support area is $30.69, but just $30.00 is best as it is also psychological.
The green overhead trendline is following data not seen on the chart, but I would put money on algorithms tracking the levels as resistance.
I see a strange looking H&S pattern, but I am going to discount it because it looks strange! We are just range trading between $30.00 and $36.00.
Upon closer inspection, you will notice we have some resistance at the .382 ($35.677) fib level which has held for at least 7 data-points in over 2-months.
Outlook:
-The short-term trend looks a bit Bearish with a chance we will test the Primary Trendline in a candle or 2.
-Even if we breach $35.677, there appears to be to no tolerance for price support above the .382 fib level (Let's see what BTC takes the alt-coins?).
-The price action is boring, so I drew a hypothetical thin Orange overhead trendline with 2-data points. If it holds, we could see a price squeeze in a few days, and if the Primary trendline holds that outlook would be BULLISH.
As you can see this is not my usual TA style writing, but this price action is boring, so I am just being real about it. I would not consider an entry at this level unless you wish to dollar-cost average into LTC and are in for the long haul. Set your alert for $32.xx and come back if that bell rings. The other alert for $35.70 and do the same. This is just my opinion, of course.
I hope you find this BORING TA useful and consider giving me a thumbs up. Don’t forget to follow me on Twitter where I Tweet out interesting news and images of Crypto-Dog, a 12-year old Chug; Chihuahua Pug mix. I will sometimes Tweet an image when out on patrol for the Sherriff’s Department.
Best,
Biff
