PRICE ACTION
As prices explode into the green on almost every coin imaginable; frustration must be raging inside holders of Litecoin – which is back to almost that same place it was 2 weeks ago. Litecoin must be dying – it’s the only valid explanation...
Somehow, amazingly, LTC is about the only thing acting rationally right now – and is looking primed for establishing it’s next move upward.
Starting with the 4H chart, the rising parallel channel remains intact; and the former resistance at $120-130 should continue to act as a nice support along with the base of the rising channel. The 3 times we have touched the base all resulted in runs of at least 35% as they rallied back to the top of the channel. Keep this in mind!
The 1D also follows suit; although the channel is much larger. Importantly, the 28D MA is right in the middle of the previously mentioned support band – at $126 right now. This MA has held as support for over a month now; so that should give some bullish optimism. Additionally, RSI is back to neutral; which gives plenty of upside run potential.
The 1W chart continues it’s climb; almost perfectly tracking to the increase on the 13W MA – which is now across the 100 zone and looks set to cross above $120 by mid-July. Why is that important? Simply, $120 was an important support for the first half of 2018 – so having the average trend for the previous 13 weeks above that price is a bullish sign. RSI needs to eventually cool off though.
OPEN INTERESTS (BITFINEX)
Long: 2.30 Days
Short: 0.59 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 145, 175, 200
Support: 130, 126 (28D MA), 120
PREVIOUS ANALYSIS
As prices explode into the green on almost every coin imaginable; frustration must be raging inside holders of Litecoin – which is back to almost that same place it was 2 weeks ago. Litecoin must be dying – it’s the only valid explanation...
Somehow, amazingly, LTC is about the only thing acting rationally right now – and is looking primed for establishing it’s next move upward.
Starting with the 4H chart, the rising parallel channel remains intact; and the former resistance at $120-130 should continue to act as a nice support along with the base of the rising channel. The 3 times we have touched the base all resulted in runs of at least 35% as they rallied back to the top of the channel. Keep this in mind!
The 1D also follows suit; although the channel is much larger. Importantly, the 28D MA is right in the middle of the previously mentioned support band – at $126 right now. This MA has held as support for over a month now; so that should give some bullish optimism. Additionally, RSI is back to neutral; which gives plenty of upside run potential.
The 1W chart continues it’s climb; almost perfectly tracking to the increase on the 13W MA – which is now across the 100 zone and looks set to cross above $120 by mid-July. Why is that important? Simply, $120 was an important support for the first half of 2018 – so having the average trend for the previous 13 weeks above that price is a bullish sign. RSI needs to eventually cool off though.
OPEN INTERESTS (BITFINEX)
Long: 2.30 Days
Short: 0.59 Days
RELATIVE STRENGTHS
- Micro (5m): Neutral
- Short Term (4h): Neutral
- Mid Term (1D): Neutral
- Macro (1W): Slightly Overbought
ON BALANCE VOLUME
- Mid Term (1D): Weakening
- Macro (1W): Rising
KEY PRICE AREAS
Resistance: 145, 175, 200
Support: 130, 126 (28D MA), 120
PREVIOUS ANALYSIS
Trade closed: stop reached
The channel on the 4H failed as BTC turned weaker. There is currently a hidden bullish divergence on the 1D chart though.