Litecoin reaches somewhere it has not been since November 2017..
PRICE ACTION
March 18, about a question about going short on LTC: “History has not been kind…when the shorts are higher than longs”
Litecoin is the first (major) coin to break above its 52W MA; and – unless something significant happens over the next 24 hours – should confirm the close soon. LTC has been working as the leading indicator for most of the market for the last 12 months; so, this should present a very positive sign. Careful to watch the weekly RSI though; with the current RSI being the highest it’s been since 27 Nov 2017.
OPEN INTERESTS (BITFINEX)
Long: 1.12 Days
Short: 0.74 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 110, 145, 175
Support: 69 (52W MA), 66 (28D MA), 63
PREVIOUS ANALYSIS
March 18, about a question about going short on LTC: “History has not been kind…when the shorts are higher than longs”
Litecoin is the first (major) coin to break above its 52W MA; and – unless something significant happens over the next 24 hours – should confirm the close soon. LTC has been working as the leading indicator for most of the market for the last 12 months; so, this should present a very positive sign. Careful to watch the weekly RSI though; with the current RSI being the highest it’s been since 27 Nov 2017.
OPEN INTERESTS (BITFINEX)
Long: 1.12 Days
Short: 0.74 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Overbought
- Macro (1W): Overbought
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): ATH
KEY PRICE AREAS
Resistance: 110, 145, 175
Support: 69 (52W MA), 66 (28D MA), 63
PREVIOUS ANALYSIS