LTC retesting the 200 MA on the 4 hrs chart, upward continuation
Hello everyone ,
After LTC made a local dump to the 200 MA after a week of consolidation around the 50 MA. At this moment i am expecting a decent bounce from the 200 MA which is acting as strong support. The volume must rise in order to send us back to the previous resistance area of around 92. On the way back up the 50 MA can act as resistance and depending on the volume will or will not try to slow our ascent. On a macro scale we are still making higher lows which is great and is showing us that the trend still continue. The target for the next week is the top of the ascending channel at around 120.
Take care and have a good trade
After LTC made a local dump to the 200 MA after a week of consolidation around the 50 MA. At this moment i am expecting a decent bounce from the 200 MA which is acting as strong support. The volume must rise in order to send us back to the previous resistance area of around 92. On the way back up the 50 MA can act as resistance and depending on the volume will or will not try to slow our ascent. On a macro scale we are still making higher lows which is great and is showing us that the trend still continue. The target for the next week is the top of the ascending channel at around 120.
Take care and have a good trade
Comment:
still on track to reach our target , top of the channel