LTC equilibrium within a larger equilibrium. It feels like LTC has been in a tight spot for the last forever, so things could get interesting. I see two possible scenarios:
1: LTC breaks out of smaller equilibrium, which would break it out of the larger equilibrium almost simultaneously, and meet next resistance at 190 (with other resistances along the way probably, but look at BCH when it broke out) Boom boom pow.
2: LTC breaks down, meets the bottom of larger (purple) triangle @ ~116-120 and we then retest that support, and either come back up or go waaaaay back down.
I see #2 as less likely because of recent sentiment in the market. You can feel it on twitter. Many other currencies have also already broken out of the large 4 month bear hibernation phase, LTC eventually will have to also. Remember this is a speculative market, so almost everything moves relative with each other eventually. Plus, the current equilibrium is at the TOP of this larger triangle, not at the bottom, so bulls have been showing up for a while and buying, propping up the price.
MACD is slightly above the zero line, which is slightly bullish, but still is relatively flat on the 4h.
RSI is also flattened.
Volume is rather thin, and some people say that that is indicative of a strong break out up or down when in an equilibrium show like this.
1: LTC breaks out of smaller equilibrium, which would break it out of the larger equilibrium almost simultaneously, and meet next resistance at 190 (with other resistances along the way probably, but look at BCH when it broke out) Boom boom pow.
2: LTC breaks down, meets the bottom of larger (purple) triangle @ ~116-120 and we then retest that support, and either come back up or go waaaaay back down.
I see #2 as less likely because of recent sentiment in the market. You can feel it on twitter. Many other currencies have also already broken out of the large 4 month bear hibernation phase, LTC eventually will have to also. Remember this is a speculative market, so almost everything moves relative with each other eventually. Plus, the current equilibrium is at the TOP of this larger triangle, not at the bottom, so bulls have been showing up for a while and buying, propping up the price.
MACD is slightly above the zero line, which is slightly bullish, but still is relatively flat on the 4h.
RSI is also flattened.
Volume is rather thin, and some people say that that is indicative of a strong break out up or down when in an equilibrium show like this.