Only because I was spot on on my last idea, I'll offer this one as food for thought.
The last 3 cycles I denoted in this post all had a top > bear flag/pennant > bottom pattern on the 2h.
Each of these cycles had an overbought RSI followed by a harsh correction, and then a oversold RSI followed by another bull run.
Right now I believe we are in the flag portion of this correction with another "uncomfortable" drop coming in the next few days which would hopefully bring LTC back into my buy zone.
The RSI on the daily is still in the high range as well which supports my idea.
Good luck everyone.
The last 3 cycles I denoted in this post all had a top > bear flag/pennant > bottom pattern on the 2h.
Each of these cycles had an overbought RSI followed by a harsh correction, and then a oversold RSI followed by another bull run.
Right now I believe we are in the flag portion of this correction with another "uncomfortable" drop coming in the next few days which would hopefully bring LTC back into my buy zone.
The RSI on the daily is still in the high range as well which supports my idea.
Good luck everyone.
Comment:
Looking more like a flag than a pennant to me now
Comment:
Ayy we got the bear flag breakdown (I would post an updated chart with the flag instead of the pennant in this idea if I could). Let's see if it retests the 273-275 mark which I have as the 'resistance' line of the bear flag ascending channel. A confirmed full bear flag breakdown could take us to the 175-185 range.
