Needs to hold above $52.32 (Yellow Horizontal line) and break out of orange triangle to test Purple longer term trend line that goes back to May 5th peak. Support at blue horizontal line and then at the bottom of the orange triangle.
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Looks like we will be testing the bottom of the orange triangle.
Nice idea on LTCUSD. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first support at 50.58. It is horizontal swing low support, 61.8% Fibonacci extension and a 78.6% Fibonacci retracement. Stochastic is seeing an approaching support and we might see a corresponding bounce in price. If a corresponding bounce does occur, we may want to take a look at the 56.95 resistance level. It is horizontal overlap resistance, 61.8%, 100% Fibonacci extension and a 50% Fibonacci retracement.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.