justsomeguy
Long

LTC: Short term channels v2

COINBASE:LTCUSD   Litecoin / U.S. Dollar
So yesterday I proposed a channel. Without putting too fine a point on it: I was wrong. The channel itself was correct, but I missed the outer one. That's a risk of working off of limited data, and why I generally try to avoid working with the hourly too often.

Here's a second attempt. It still has some of the weaknesses of the first (limited data) but seems to be holding. Expecting up to a $2 swing within the next 1-5 hrs             . 1h chart currently suggests it'll be a downward break, shorter duration are inconclusive. Regardless of the direction, as long as it conforms to the larger channel I remain bullish .

Support 1: 63 (bottom of channel, currently medium and this number will creep up)
Support 1: 62 (weak)
Support 2: 61.40 (medium)
Support 3: 58.60 (medium).

Resistance 1: 66 (medium)
Resistance 1: 67.50 (top of the channel. Currently strong, but this number will move up as the hours go by)
Resistance 2: 74 (strong)

And here's a super closeup. We've bounced off of the internal channel -- good news!

snapshot
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