Hello traders!
Today’s chart update will be on LTCBTC which is in a daily down trend with clear resistance levels to break for a probable trend change, a key level to watch will be the 200 EMA.
Points to consider,
- Clear bears in control
- Structural support being tested
- Local resistance is the 200 EMA
- Stochastics in lower regions
- RSI respecting trend line
- Volume below average
The overall trend is controlled by the bears as LTC has been putting in consecutive lower highs on the macro time frame. Price is testing a key structural support which must hold, a break will test lower lows. Local resistance is found at the 200 EMA, a break will more probable lead LTC to testing structural resistance.
The stochastics is in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI itself is respecting its trend line, must hold true when price breaks key 200 EMA.
Volume is well below average and declining, an influx will confirm direction of trend as LTC rests on support.
Overall, in my opinion, LTC is more probable to test upper resistance levels once the 200 EMA is broken. This needs to be backed with volume follow through to avoid a potential false break.
What are your thoughts?
Please leave a like and comment
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
Today’s chart update will be on LTCBTC which is in a daily down trend with clear resistance levels to break for a probable trend change, a key level to watch will be the 200 EMA.
Points to consider,
- Clear bears in control
- Structural support being tested
- Local resistance is the 200 EMA
- Stochastics in lower regions
- RSI respecting trend line
- Volume below average
The overall trend is controlled by the bears as LTC has been putting in consecutive lower highs on the macro time frame. Price is testing a key structural support which must hold, a break will test lower lows. Local resistance is found at the 200 EMA, a break will more probable lead LTC to testing structural resistance.
The stochastics is in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI itself is respecting its trend line, must hold true when price breaks key 200 EMA.
Volume is well below average and declining, an influx will confirm direction of trend as LTC rests on support.
Overall, in my opinion, LTC is more probable to test upper resistance levels once the 200 EMA is broken. This needs to be backed with volume follow through to avoid a potential false break.
What are your thoughts?
Please leave a like and comment
And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore
**Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link