I have looked at LTC on the daily, 4Hr, and now the Hourly trying to find a setup. Something to wet my beak! Nada, nothing stands out with the exception we have been in a range since December 20, 2018.
The Primary Trendline has been breached and now the dotted Trendline is only a reference but should act as resistance on a move up.
I am seeing a strange Head & Shoulder pattern that appears like price consoladation on the left and right shoulder. Everything looks like nothing.
Outlook: Neutral with declining volume. I am hoping to fall back into the lower rectangle price range to buy more, but if I get impatient, I will consider buying right on the support level above the rectangle at the $30.xx price level and below. I do not see anything setting up, no squeeze play, just more consoladation A move above the dotted trendline would be considered Bullish.
If you look closely, you can see price action narrowing on the right shoulder; not exactly a PRICE SQUEEZE! I would feel comfortable buying at the bottom of the right shoulder (Dollar-Cost-Acveraging, of course!).
I am having the same trouble reading ETH right now. They can't seem to get the date they want to change over to Constantinople yet, so ETH is just consoladating.
*********I am giving some consideration that based on the price action we may actually be near bottom for 2019???????. Don't quote me please!
Everytime I say things like, "nothing happening, Yawn, stuck" -- we have a huge breakout!
Best,
Biff
The Primary Trendline has been breached and now the dotted Trendline is only a reference but should act as resistance on a move up.
I am seeing a strange Head & Shoulder pattern that appears like price consoladation on the left and right shoulder. Everything looks like nothing.
Outlook: Neutral with declining volume. I am hoping to fall back into the lower rectangle price range to buy more, but if I get impatient, I will consider buying right on the support level above the rectangle at the $30.xx price level and below. I do not see anything setting up, no squeeze play, just more consoladation A move above the dotted trendline would be considered Bullish.
If you look closely, you can see price action narrowing on the right shoulder; not exactly a PRICE SQUEEZE! I would feel comfortable buying at the bottom of the right shoulder (Dollar-Cost-Acveraging, of course!).
I am having the same trouble reading ETH right now. They can't seem to get the date they want to change over to Constantinople yet, so ETH is just consoladating.
*********I am giving some consideration that based on the price action we may actually be near bottom for 2019???????. Don't quote me please!
Everytime I say things like, "nothing happening, Yawn, stuck" -- we have a huge breakout!
Best,
Biff
Comment:
We are right on the upper rectangle price level, or the lower right shoulder rectangle as outlined in my previous TA. There is significant support at this level and you should give serious consideration to Dollar-Cost-Averaging in. A 20 percent return would have to get you almost a $7.00 move or just above R1. Everything seems so Bearish. I would like to buy in the lower longer rectangle as seen in the chart at $29.xx or lower. We did call this one correctly -- so now it's all about your risk tolerance. Good luck!
