LTCBTC Sellers in control| Technical Confluences| S/R Flip
Evening Traders!
Today’s Technical Analysis will focus on LTCBTC which is testing a key trade location with multiple technical confluences.
Points to consider,
- Sellers in control
- Key trade location being tested
- Local support next viable target
- RSI neutral
- Stochastics in lower regions
- Volume climax nodes
LTC breached key technical structural support (now resistance) confirming that sellers have gained control. LTC is currently testing a key trade location with multiple confluences, the .50 Fibonacci, the 21 Week MA and the Point of Control. It’s viable to say that LTC is more probable to test local support due to heavy resistance; this will put in a lower high.
The RSI broke out of its wedge; this was in confluence with the oversold bounce, now is currently neutral. The stochastics on the other hand is trading in the upper regions; it has lots of stored momentum to the downside.
There has been a clear volume climax however with lack of bull volume follow through. This indicates absence of bull pressure, putting more emphasis on testing lower lows.
Overall, in my opinion, LTC is likely to test lower regions; this is due to heavy technical confluence at the current trade location which is also in direct proportion with the bearish sentiment.
What are your thoughts?
Please leave a like and comment,
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
Today’s Technical Analysis will focus on LTCBTC which is testing a key trade location with multiple technical confluences.
Points to consider,
- Sellers in control
- Key trade location being tested
- Local support next viable target
- RSI neutral
- Stochastics in lower regions
- Volume climax nodes
LTC breached key technical structural support (now resistance) confirming that sellers have gained control. LTC is currently testing a key trade location with multiple confluences, the .50 Fibonacci, the 21 Week MA and the Point of Control. It’s viable to say that LTC is more probable to test local support due to heavy resistance; this will put in a lower high.
The RSI broke out of its wedge; this was in confluence with the oversold bounce, now is currently neutral. The stochastics on the other hand is trading in the upper regions; it has lots of stored momentum to the downside.
There has been a clear volume climax however with lack of bull volume follow through. This indicates absence of bull pressure, putting more emphasis on testing lower lows.
Overall, in my opinion, LTC is likely to test lower regions; this is due to heavy technical confluence at the current trade location which is also in direct proportion with the bearish sentiment.
What are your thoughts?
Please leave a like and comment,
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb