Looking at LTCUSD on the 1hr chart here. Price has been seeing some resistance at this 150 level since the 20th really. During this period the RSI had previously been overworked and needed to unwound to continue higher with thrust(marked with green arrow).
We have since pulled back and found some support at the 141-145 price range. Now we are tested this 150 price level again while RSI is at lower levels and showing a slight bullish divergence from price.
The divergence does not mean it has to play out right away or play out at all.This is only an observation. Often it can take some time and a flush before the bigger move is made. A double top of the recent high and bearish divergence is also a possibility we need to be open to and look out for
In the overall grand scheme of things I do believe a bigger pullback from this recent run will be necessary if they are going to progress higher through major resistances. Short term I do believe there still can be some nice runs to the long side before we see the consolidation I'm suggesting.
thank you all for viewing enjoy your weekend!
We have since pulled back and found some support at the 141-145 price range. Now we are tested this 150 price level again while RSI is at lower levels and showing a slight bullish divergence from price.
The divergence does not mean it has to play out right away or play out at all.This is only an observation. Often it can take some time and a flush before the bigger move is made. A double top of the recent high and bearish divergence is also a possibility we need to be open to and look out for
In the overall grand scheme of things I do believe a bigger pullback from this recent run will be necessary if they are going to progress higher through major resistances. Short term I do believe there still can be some nice runs to the long side before we see the consolidation I'm suggesting.
thank you all for viewing enjoy your weekend!