Hello all!
LTC just broke down from a 1 month rising channel in 2 hours! The 100% retrace which was the measured height of the rising channel occurred with price currently rebounding just above the 0.786. There should be a test back up just under the rising channel to re-visit the pattern before continuing down. The 4H chart MACDS is potentially showing a major bullish divergence. If this plays out we should see price shoot up. If upside momentum comes back, we could see a break back up into the channel. The 1D MACD has yet to shift to red, If we see this happen, the 100% retrace could be broken with the next support at $57 and %50.
Let me know what you think!
Is this a shakeout?!
Will we see LTC under $60?!
LTC just broke down from a 1 month rising channel in 2 hours! The 100% retrace which was the measured height of the rising channel occurred with price currently rebounding just above the 0.786. There should be a test back up just under the rising channel to re-visit the pattern before continuing down. The 4H chart MACDS is potentially showing a major bullish divergence. If this plays out we should see price shoot up. If upside momentum comes back, we could see a break back up into the channel. The 1D MACD has yet to shift to red, If we see this happen, the 100% retrace could be broken with the next support at $57 and %50.
Let me know what you think!
Is this a shakeout?!
Will we see LTC under $60?!