Currently we have a bear flag on the daily and a bear flag on the 4 hour chart.
In this setup it is possible for both to confirm at the same time.
Bulls are defending support, but are not doing much in terms of breaking resistance.
With another leg down we will look to the futures gap in the upper $7,100s to fill.
We will also look to weekly EMA12 support as a potential weekly higher low target as well.
I am personally building a swing position in LTC as I like the LTCBTC chart as well as the consolidation so far.
My first fills were last night in the 100-teens and I have lots of space and patience as the odds currently favor another leg down on BTC.
Bears can use 4 hour resistance on 4 hour EMA resistance as a guide for stopping out, while looking for the daily support break to follow through.
In this setup it is possible for both to confirm at the same time.
Bulls are defending support, but are not doing much in terms of breaking resistance.
With another leg down we will look to the futures gap in the upper $7,100s to fill.
We will also look to weekly EMA12 support as a potential weekly higher low target as well.
I am personally building a swing position in LTC as I like the LTCBTC chart as well as the consolidation so far.
My first fills were last night in the 100-teens and I have lots of space and patience as the odds currently favor another leg down on BTC.
Bears can use 4 hour resistance on 4 hour EMA resistance as a guide for stopping out, while looking for the daily support break to follow through.
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