LTC/BTC S/R Flip | Key Technical Level Broken| Trend Change ?

Hello Traders!

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Today’s chart update will be on LTCBTC which has broken a key technical level and has consolidated- S/R Flip.

A confirmed trend change will come to fruition when structural resistance is broken,

Points to consider,
- S/R flip
- Strong structural support
- Strong Resistance to break
- RSI respecting support
- Stochastics trading in upper regions
- EMA’s close to support
- Below average volume

LTCBTC has broken a key level convincingly; it needs to consolidate as it confirms the S/R flip. Strong structural support indicates high buy pressure, wicks evidently signals accumulation in the local lows.

Structural resistance needs to break next; this will confirm a trend change as market structure will put in a new higher high after consolidation.

The RSI is respecting its support, in neutral territory but is coming close to its apex, a break will be imminent. The stochastics is currently trading in the upper region, can stay there for an extended period of time, however lots of stored momentum to the down side.

EMAs close to supporting price, it must hold price when testing structural resistance for a bullish bias. Volume is well below average, this signals an influx of volume is likely when testing key levels.

Overall, in my opinion, LTCBTC has broken a key technical level confirming the S/R flip. Higher lows need to continue to break key structural resistance, which will confirm the trend change, putting in a new higher high on the pull back.

What are your thoughts?

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