PRICE ACTION
LTC is still struggling to fire on all cylinders, with price currently stalling out around $90 on the 1D chart. Overall there are a number of bullish indicators setting up which suggest a further move up could be on the way...
Starting on the 5m chart; we can see a falling wedge formation. When compared to the RSI, we see that the lows are moving closer to oversold territory each movement. Watch for a divergence setup, which could be the catalyst to trigger the long timeframe patterns. Volume has been reducing through the pattern, suggesting that the direction isn’t picking up any interest on the bear side.
The 4H chart has seen the weekend price action break back above $85 resistance; and is currently consolidating back onto the support. Volume is dropping; so, it will be interesting to see whether bulls can feed through some fresh capital. RSI has cooled off back to the 50.0 so there is plenty of upside room again for a run to $100.
If you can catch a wick ~$83; there is a nice 2RR play off the SL @ 75 and target @ $100
On the 1D, the 28D MA is starting to curl up – so expect it to begin to influence price action within the week; provided a new bullish impulse doesn’t happen beforehand. Nothing too exciting on the 1D with the exception of the overarching hidden bullish RSI pattern leading back to the April 1 break upwards. Despite the shorter timeframe sentiments, will be worth having access to capital if price comes back into the mid 7x.00 range.
Finally, the 1W continues to give a nice upward trend. The 13W MA maintained the value to most of the 2017 run; so, it is worthwhile tracking against it for the medium term. As a rule, trends want to return to their mean – so expect the MA to be tested at some point.
OPEN INTERESTS (BITFINEX)
Long: 2.40 Days
Short: 0.63 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 100, 110, 175
Support: 85, 78 (28D MA), 70 (13W MA), 61 (52W MA)
PREVIOUS ANALYSIS
LTC is still struggling to fire on all cylinders, with price currently stalling out around $90 on the 1D chart. Overall there are a number of bullish indicators setting up which suggest a further move up could be on the way...
Starting on the 5m chart; we can see a falling wedge formation. When compared to the RSI, we see that the lows are moving closer to oversold territory each movement. Watch for a divergence setup, which could be the catalyst to trigger the long timeframe patterns. Volume has been reducing through the pattern, suggesting that the direction isn’t picking up any interest on the bear side.
The 4H chart has seen the weekend price action break back above $85 resistance; and is currently consolidating back onto the support. Volume is dropping; so, it will be interesting to see whether bulls can feed through some fresh capital. RSI has cooled off back to the 50.0 so there is plenty of upside room again for a run to $100.
If you can catch a wick ~$83; there is a nice 2RR play off the SL @ 75 and target @ $100
On the 1D, the 28D MA is starting to curl up – so expect it to begin to influence price action within the week; provided a new bullish impulse doesn’t happen beforehand. Nothing too exciting on the 1D with the exception of the overarching hidden bullish RSI pattern leading back to the April 1 break upwards. Despite the shorter timeframe sentiments, will be worth having access to capital if price comes back into the mid 7x.00 range.
Finally, the 1W continues to give a nice upward trend. The 13W MA maintained the value to most of the 2017 run; so, it is worthwhile tracking against it for the medium term. As a rule, trends want to return to their mean – so expect the MA to be tested at some point.
OPEN INTERESTS (BITFINEX)
Long: 2.40 Days
Short: 0.63 Days
RELATIVE STRENGTHS
- Micro (5m): Slightly overbought
- Short Term (4h): Neutral
- Mid Term (1D): Hidden Bullish
- Macro (1W): Strong
ON BALANCE VOLUME
- Mid Term (1D): Falling
- Macro (1W): Rising
KEY PRICE AREAS
Resistance: 100, 110, 175
Support: 85, 78 (28D MA), 70 (13W MA), 61 (52W MA)
PREVIOUS ANALYSIS