LTC has formed a diamond pattern setting up for a trend continuation or reversal of over 5% from either APEX. LTCUSD is now trying to hold on to support at $42.05 and is now testing the lower diamond trend line. Upon breaking the trend line followed by a confirmation of a break of the diamond apex a move of 7% downward to just above $39.05 should complete.
A bearish break is is supported by the overall trend, declining of RSI, MacD and OBV on the 1, 4 and 24 hour time frames.
An upward break out of the diamond would invalidate this analysis.
Technical analysis only. Not investment advice.
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Diamond trendline broken.
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Diamond apex being tested.
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Diamond Apex Broken.
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Nearly perfect call 39.18 hit.
Trade closed: target reached
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Longed at 39.5 for the dead cat and exited the long at $40.50.