With that said, you can see that price continues to test the top of the "pre all time high ." LTC has been testing it a lot, and so far, it has remained supportive. However, even if we do catch a bid higher, the top of the is just above, which is converging with the 50 (in orange.) So, there is still a decent amount of overhead resistance just above the current price range. Personally, I'm looking for this market to continue it's breakdown. If we see a confirmed breakout above the , on high , I wouldn't even buy into that. I have no interest in going long in this market, unless I see some MAJOR changes. For example, I would have to see LTC confirming above the heavy , to even think about going long. This market is just way too dangerous for trades right now. I would much rather remain a seller of rallies. I'll leave the knife catching to everyone else.
Regardless, if we see LTC start to encroach into the pre all time high , that could be the beginning stages of the support failing. You can see that on the 12th, LTC pierced into the , but closed above it. If LTC loses the bottom of that , there are stair step supports below that, so I could see a continuous gradual decline in LTC. Until then, we may just trend sideways for the next few days. Sometime within the next 10 days or so, we should see a break either above the or below the top of the .
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***