Hi guys, an update to the earlier idea where we were wondering what was next looking at the daily chart. Well, LTC bounced off the predicted rising trend line. A second descending line from an earlier lower high (from the ATH) has also just been crossed.
My earlier idea warned that we were at overbought levels (Stoch RSI) for all levels but the 1 day. At this time, LTC is at an oversold on all levels but the 1 day Stock RSI. Therefore, it seems poised for another breakout. For this to breach the $172 level and stay above the volume needs to be strong and the bulls need to continue holding the uptrend to the next resistance of $210 (38% fib).
On the downside, the rising uptrend line, as well as the MA should offer multiple levels of support (noted earlier). What do you guys think?
My earlier idea warned that we were at overbought levels (Stoch RSI) for all levels but the 1 day. At this time, LTC is at an oversold on all levels but the 1 day Stock RSI. Therefore, it seems poised for another breakout. For this to breach the $172 level and stay above the volume needs to be strong and the bulls need to continue holding the uptrend to the next resistance of $210 (38% fib).
On the downside, the rising uptrend line, as well as the MA should offer multiple levels of support (noted earlier). What do you guys think?
