LTC is probably forming the most concerning pattern of them all IMO. If you notice it is similar to BTC in the sense that we have been forming these massive Lower highs. The major difference between LTC and BTC at this point is LTC is already at the bottom while BTC still has some more room to go before hitting the 6.5k low. You would think that LTC would generate a significant bounce off this $112 area. But it's not! Is it just the holiday weekend that is causing the lack of bouncing or is it just a lack of interest in LTC?
Right now we have MACD in negative territory and while the bars are moving to the upside, the lines are sloped and moving down still and RSI is just barely starting to confirm divergence... what would be a more powerful pattern reversal confirmation would be it breaking this lows and double bottoming on this RSI. Or maybe just spiking through the support where hopefully it would get scooped up and rebound quickly.
I am neutral on this one right now as i think it could break the lows. I want to see where LTC bases out as BTC finds this bottom. If BTC breaks this 7k mark, it will go to 6.5k which will drive LTC down to this 100 mark and maybe even 90.
Happy Trading,
-Sherem
Right now we have MACD in negative territory and while the bars are moving to the upside, the lines are sloped and moving down still and RSI is just barely starting to confirm divergence... what would be a more powerful pattern reversal confirmation would be it breaking this lows and double bottoming on this RSI. Or maybe just spiking through the support where hopefully it would get scooped up and rebound quickly.
I am neutral on this one right now as i think it could break the lows. I want to see where LTC bases out as BTC finds this bottom. If BTC breaks this 7k mark, it will go to 6.5k which will drive LTC down to this 100 mark and maybe even 90.
Happy Trading,
-Sherem
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We have had a solid bounce off this $112 area we were watching. While we broke this smaller trend line, we didn't really break the larger one. We should get some more solid bounces as we come back down. Keep your eyes open.
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With these broken trendlines and a bull flag a move up is in the cards. I do have buys laddered down to $100, in case it doesn't move at first, but a move up is looking in the cards at this point.
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Drilling down a bit more -
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LTC has come back down to this trendline, it still moving up, but doesn't look as clean as the others.