Hey guys, it has been a while since my last update has happened, and A LOT has gone on.
Lets get to the most recent action. On the 4 hour chart, you can see that LTC has produced a large bear flag. This particular bear flag is quite large, bigger than the average bear flag that LTC usually produces. This isnt necessarily alarming, however it does expand the maximum downside risk, as you can see on the chart as the Solid Red Line. This is the full potential of the bear flag, and doesnt necessarily mean it will get reached, just information showing the downside risk at the moment.
You can also tell, LTC is currently fighting the 50 day EMA levels directly above, and the 200 day EMA levels right above that, then the top of the bear flag. There is ALOT of overhead resistance directly above, and it seems the path of least resistance is to the downside. Volume has diminished over the past few days, as expected during a flag consolidation. This bear flag could very well break to the upside, but right now, I would stay on the sidelines.
If we see a break above the 50 day and 200 day EMA, and a close above the top of the bear flag, we can start looking to retest the highs on 3/4, which is the beginning of this bear flag. For educational purposes, I like a long entry at the 196-198 levels and a short entry at around 174-176. But as of right now, I am on the sidelines, until I get further confirmation on which way this bad boy is headed!
Let me know what you guys think!
Good luck my friends, and trade safely!
***This is for entertainment and educational purposes. None of this information is intended as financial advice or guidance!
Lets get to the most recent action. On the 4 hour chart, you can see that LTC has produced a large bear flag. This particular bear flag is quite large, bigger than the average bear flag that LTC usually produces. This isnt necessarily alarming, however it does expand the maximum downside risk, as you can see on the chart as the Solid Red Line. This is the full potential of the bear flag, and doesnt necessarily mean it will get reached, just information showing the downside risk at the moment.
You can also tell, LTC is currently fighting the 50 day EMA levels directly above, and the 200 day EMA levels right above that, then the top of the bear flag. There is ALOT of overhead resistance directly above, and it seems the path of least resistance is to the downside. Volume has diminished over the past few days, as expected during a flag consolidation. This bear flag could very well break to the upside, but right now, I would stay on the sidelines.
If we see a break above the 50 day and 200 day EMA, and a close above the top of the bear flag, we can start looking to retest the highs on 3/4, which is the beginning of this bear flag. For educational purposes, I like a long entry at the 196-198 levels and a short entry at around 174-176. But as of right now, I am on the sidelines, until I get further confirmation on which way this bad boy is headed!
Let me know what you guys think!
Good luck my friends, and trade safely!
***This is for entertainment and educational purposes. None of this information is intended as financial advice or guidance!