Litecoin offering a great accumulation @ 52W Moving Average
PRICE ACTION
Looking at the 5m chart; we can see consistent higher highs & lows; with expanding volume on each move. The latest move; which created a new 48hr high as seen declining volume afterwards though – which could suggest the sentiment is wavering slightly.
Moving across to the 1D chart, it become clear that we are currently tested the 28D MA @ $76 – which now provides context on why volume is becoming cautious on the lower timeframe. A rejection here would be problematic for bulls; as it would create a third lower high on the overall pattern. This is something important to monitor.
The 1W chart shows the 13W MA has now closed above the 52W MA (finally) confirming that Q1 of the year has in fact been a bullish one. Price looks like it has bounced nicely on the 52W MA; although a deeper test would have done nicer from a technical aspect – though perfect timing is often very hard to achieve.
Finally, the 4H chart shows a slightly more neutral price action. Volume is still lower compared to the impulse move at the beginning of April; though we appear to have established a nice base support @ $70. Resistance looks like is starts around $80 and goes through to $85...so expect a little bit of a grind unless bulls can find some capital to work with.
OPEN INTERESTS (BITFINEX)
Long: 1.89 Days
Short: 0.58 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 76 (28D MA), 85, 100
Support: 70, 65 (13W MA), 62 (52W MA)
PREVIOUS ANALYSIS
Looking at the 5m chart; we can see consistent higher highs & lows; with expanding volume on each move. The latest move; which created a new 48hr high as seen declining volume afterwards though – which could suggest the sentiment is wavering slightly.
Moving across to the 1D chart, it become clear that we are currently tested the 28D MA @ $76 – which now provides context on why volume is becoming cautious on the lower timeframe. A rejection here would be problematic for bulls; as it would create a third lower high on the overall pattern. This is something important to monitor.
The 1W chart shows the 13W MA has now closed above the 52W MA (finally) confirming that Q1 of the year has in fact been a bullish one. Price looks like it has bounced nicely on the 52W MA; although a deeper test would have done nicer from a technical aspect – though perfect timing is often very hard to achieve.
Finally, the 4H chart shows a slightly more neutral price action. Volume is still lower compared to the impulse move at the beginning of April; though we appear to have established a nice base support @ $70. Resistance looks like is starts around $80 and goes through to $85...so expect a little bit of a grind unless bulls can find some capital to work with.
OPEN INTERESTS (BITFINEX)
Long: 1.89 Days
Short: 0.58 Days
RELATIVE STRENGTHS
- Micro (5m): Neutral
- Short Term (4h): Neutral
- Mid Term (1D): Hidden Bullish
- Macro (1W): Strong
ON BALANCE VOLUME
- Mid Term (1D): Weakening
- Macro (1W): Lower High
KEY PRICE AREAS
Resistance: 76 (28D MA), 85, 100
Support: 70, 65 (13W MA), 62 (52W MA)
PREVIOUS ANALYSIS