Dear all, for context please note that you are looking at a chart which uses candlesticks in the 4-hour time frame whose whole scope is roughly 2 months. We can see from the most current bullish trend which started on Feb. 6 and continued until Feb. 20 that Fibonnacci support and resistance levels are effective in identifying price movement and potential buy/ sell levels in the short term as they have acted as support/ resistance nearly 5 times in 11 days. Another consistent trend we have seen is a failure for LTC to break above the 50 day simple moving average until today!
At the time of writing not only have we surpassed the 50 day SMA, we are witnessing bullish divergence (indicated by a dashed yellow line on RSI), and we have also seen a bullish crossover in MACD (below RSI) as well as the red 20 day SMA line crossing the yellow 50 SMA line in the chart. Though volume has been moderately encouraging in the latest price increase it is not enough to discount all other bullish developments. I will be watching closely to see if we can surpass 178.48 and expect more upside if we do, potentially to the .382 resistance of 196. I want to emphasize the importance of researching long opinions if your short and vice-versa.
At the time of writing not only have we surpassed the 50 day SMA, we are witnessing bullish divergence (indicated by a dashed yellow line on RSI), and we have also seen a bullish crossover in MACD (below RSI) as well as the red 20 day SMA line crossing the yellow 50 SMA line in the chart. Though volume has been moderately encouraging in the latest price increase it is not enough to discount all other bullish developments. I will be watching closely to see if we can surpass 178.48 and expect more upside if we do, potentially to the .382 resistance of 196. I want to emphasize the importance of researching long opinions if your short and vice-versa.