LTC on the 4-Hr Heading Near Inflection Point!
This is some interesting price action. Please notice the Point-of -Control (POC) at $33.270 is sitting right on the right side of a symmetrical triangle. I have not seen this before. I changed this chart from a daily to a 4-Hr for more data points and short-term analysis.
Technical Data:
The Orange Dotted Primary Trendline is intact with firm support.
The overhead Orange trendline is intact with 3-data points.
Both the short-term overhead and support trends are squeezing the volatility down right on the POC!
Notice, the H&S pattern fully formed
We have resistance at the 0.382 ($35.677) fib level. Not exactly a huge bounce from the 0-fib line.
The overhead green trendline is a longer-term trendline.
Conclusion:
I find the fact we are trading at the POC and nearing the right side of a symmetrical triangle to be very interesting. The price action could move north or south in a day or two. The question is in which direction will a squeeze take us. The short-term price action has been bullish, but the overhead trendline has held leading me to believe that we may bounce off the overhead trendline and head south in continuation with the overall crypto trend. The clouded circle is noted for your review as the area in which LTC may get squeezed – Okay so which direction? The chart looks Bearish to me, the price action appears to be ready to fall from the short-term bullish channel it’s in. If we break the lower primary Orange Dotted trendline we should have some support near the green lower trend @ $30.69. If we break the overhead trend, we have the .382 fib level as resistance ($35.623). Next resistance would be R1 ($36.901) and then R2 ($41.239) where I have my sell orders. I have also noted in green the support levels if we head south. I will accumulate if we break the major support level $30.69 and hit$28.236 or lower price levels. I am not super excited about a bullish move, but ready to sell into it if it happens. I can estimate a volatility squeeze first 4-hr move could be at least $4.00 north or south; if we get squeezed.
Good luck,
Biff
Technical Data:
The Orange Dotted Primary Trendline is intact with firm support.
The overhead Orange trendline is intact with 3-data points.
Both the short-term overhead and support trends are squeezing the volatility down right on the POC!
Notice, the H&S pattern fully formed
We have resistance at the 0.382 ($35.677) fib level. Not exactly a huge bounce from the 0-fib line.
The overhead green trendline is a longer-term trendline.
Conclusion:
I find the fact we are trading at the POC and nearing the right side of a symmetrical triangle to be very interesting. The price action could move north or south in a day or two. The question is in which direction will a squeeze take us. The short-term price action has been bullish, but the overhead trendline has held leading me to believe that we may bounce off the overhead trendline and head south in continuation with the overall crypto trend. The clouded circle is noted for your review as the area in which LTC may get squeezed – Okay so which direction? The chart looks Bearish to me, the price action appears to be ready to fall from the short-term bullish channel it’s in. If we break the lower primary Orange Dotted trendline we should have some support near the green lower trend @ $30.69. If we break the overhead trend, we have the .382 fib level as resistance ($35.623). Next resistance would be R1 ($36.901) and then R2 ($41.239) where I have my sell orders. I have also noted in green the support levels if we head south. I will accumulate if we break the major support level $30.69 and hit$28.236 or lower price levels. I am not super excited about a bullish move, but ready to sell into it if it happens. I can estimate a volatility squeeze first 4-hr move could be at least $4.00 north or south; if we get squeezed.
Good luck,
Biff
Comment:
I am just too good to be true!
