LTCUSD Price and RSI are in sync in rising channels, with current price target @ $48.5 ± 6.2%. With RSI coming off the base of its trend – long entries are probably not there until the next downturn.
PRICE ACTION
Price actions is coming off a parabolic downward movement. We are targeting the 0.8 retrace on the long play.
Next conservative entry is along the green line @ $46.50; but entries along the lower white bound of the channel should be taken.
Stop Loss is about 5% below the channel; giving plenty of room for volatility
The overarching movement is probably bearish.
VOLUME The 100 candle MA is turning upwards; supporting the assumption that volatility is entering the markets. Majority of the recent above average candles have been on green movements; supporting the bullish case. Importantly, none of the candles on this downward movement broke above the 100 candle average.
RELATIVE STRENGTH The downward movement showed a bullish divergence on Nov-22 and Nov-25; which has allowed for the development of a rising channel. A higher low above 50.0
A little frustrating with the breakdown of the channel - however the Stop Loss hasn't triggered yet. Purple lines represent the downward resistance on the Spot & RSI.
We caught a bounce at the 44.50 horizontal support, therefore we will continue to respect the Stop Loss and let this play through and monitor - though it's not looking promising at the moment.
Trade closed: stop reached
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It's worth waiting until the price breaks the resistance.