Litecoin Short Term TA 6/05/2018

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hello everyone! I am finally out of uni so now I have more time to get back into crypto. Please take a second and go to my profile and check out my previous TA's i have made. I like to make basic TA's for the short term of the coin (Mostly LTC). Not much has changed since I made my last TA which is sort of depressing but at least we are still holding above $100.

Currently, LTC is in a bear flag pattern. Long term we are still in bearish territory and won't be able to reverse that until we reach the $150's but in shorter term we are a bit bullish . Just a little bit ago, we bounced off our flag resistance of $122.5. If we continue this pattern, we can expect a bounce off the flag support in the upper $118's. After that, our first step in continuing being bullish is breaking the pattern and closing above $123.

If we can manage breaking the pattern upwards, then our second main test will be breaking our previous short term high of $128. If that does occur, then we can look forward to hopefully getting into the $130's and consolidate there.

If we do break down out of the bear flag , our first main support is the $116 range. That is where our current short AND long term resistance is at. We want to really hold that level because that is our support for our larger bear flag .

If that happens to break, I would not worry to much. Our last large support is at $110 and LTC has done a good job of maintaining above that level.

Also, the bollinger bands and stoch rsi can be good indicators on which direction the price might move. Currently, the stoch rsi confirms that a short term downtrend is in progress and a test of the support might be possible.

That is all I have for now, I will update this if our current flag is broken or if anything else big occurs.

Please like and follow if you agree with my analysis and make sure to check out my previous TA's in the related ideas section.
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