We broke out of the first falling wedge (Purple) and bounced off the bottom of the 2nd purple line in the larger wedge. Price is retesting the first wedge that we just fell out of. Also have the yellow down trend line that's been holding us down since the end of September. With both lines converging its likely that we head down again and test the bottom of the larger purple wedge and support level at $47.21 Also need to get above the yellow downtrend line on the RSI for any movement upward.
Feel free to leave a comment and a like. Not financial advise:)
Nice idea on LTCUSD and there may be potential gains as you have identified by going short. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 50.38. It is a horizontal pullback resistance, 38.2%, 23.6% Fibonacci retracement and a 61.8% Fibonacci extension. RSI is approaching resistance and so we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 47.19 support level. It is a horizontal swing low support and a 100% Fibonacci extension.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.