Hello all and welcome to my update analysis of LTCUSD. This is my second time posting on tradingview, so take my information with a grain of salt. Now lets get started !
Looking at the four hour chart, I'd like to start from the green arrow on the left.
LTC was in a downtrend channel at the time of my last post. It has since broken out of the downtrend channel(blue trend lines) and entered a nice uptrend for 12 days.(pink trend line)
Now I would like you to have a look at the blue arrow. Price goes up, but the MACD and RSI both diverge. This bearish indication ended up in a breakdown below the trend line. On 4/24 , LTC breaks down below the pink trend line, uptrend ends. Now we have sideways action for an entire week and continuing. We are currently trading in a sideways channel, shown in between the purple trend lines. We are also finding resistance at 50 MA. Now I will move on to the bullish/bearish scenarios and explain the arrows on the indicators. If we were to buy now, in a bullish scenario we would break above the purple resistance line(approximately $154) and run up toward the next resistance at $166.30. This is my target for an 11.84 % gain. I would give this 7 to 9 days to develop. The MACD histogram is showing plenty of room for growth, as it has risen to the "zero line" and the two MA's are showing a weak bullish cross. The RSI has shown respect for the support line(pink line on the indicator itself) and has also risen to the "50 line" with plenty of room for growth. Please note that I would still consider the RSI to be in a bearish zone until it rises a little higher to the 60+ area. As for a bearish scenario, LTC can break down below the purple support line and test the next support at $137.32. If I were to buy now I would set my stop loss around $140 just in case the bearish cenario occurs. Overall, I am leaning more towards the bullish scenario.
Thank you for reading, let me know if you have any questions/comments/concerns.
**This is not financial advice or recommendation to buy/sell LTC. This is my OPINION.**
Looking at the four hour chart, I'd like to start from the green arrow on the left.
LTC was in a downtrend channel at the time of my last post. It has since broken out of the downtrend channel(blue trend lines) and entered a nice uptrend for 12 days.(pink trend line)
Now I would like you to have a look at the blue arrow. Price goes up, but the MACD and RSI both diverge. This bearish indication ended up in a breakdown below the trend line. On 4/24 , LTC breaks down below the pink trend line, uptrend ends. Now we have sideways action for an entire week and continuing. We are currently trading in a sideways channel, shown in between the purple trend lines. We are also finding resistance at 50 MA. Now I will move on to the bullish/bearish scenarios and explain the arrows on the indicators. If we were to buy now, in a bullish scenario we would break above the purple resistance line(approximately $154) and run up toward the next resistance at $166.30. This is my target for an 11.84 % gain. I would give this 7 to 9 days to develop. The MACD histogram is showing plenty of room for growth, as it has risen to the "zero line" and the two MA's are showing a weak bullish cross. The RSI has shown respect for the support line(pink line on the indicator itself) and has also risen to the "50 line" with plenty of room for growth. Please note that I would still consider the RSI to be in a bearish zone until it rises a little higher to the 60+ area. As for a bearish scenario, LTC can break down below the purple support line and test the next support at $137.32. If I were to buy now I would set my stop loss around $140 just in case the bearish cenario occurs. Overall, I am leaning more towards the bullish scenario.
Thank you for reading, let me know if you have any questions/comments/concerns.
**This is not financial advice or recommendation to buy/sell LTC. This is my OPINION.**
Comment:
We are breaking out of the sideways channel ! Looking very bullish
Comment:
Target hit ! Trade closed :)