Hello everyone! So, LTC triggered a bullish pattern today, and now it’s trading above that pink line we mentioned yesterday. If you missed my last analysis, the link to it is below. Also, if you are new here, I invite you to follow me, I do daily analysis and you will stay updated of our trades.
Yes, LTC is still dangerously close to this pink line, but I believe the bulls will pass through it. The next two challenges are a little bit harder, which are the blue and black lines. But, for now, let’s keep our eyes in the pink line. Now, let’s see the daily chart:
There’re a lot of supports here, which is good. The last two red candles left big shadows behind, and as I said in my last analysis this means the bears aren’t so strong as they think. They tried to penetrate the support zone, but they failed miserably, and these long shadows are the scars of a lost battle.
Now, the most important thing for LTC is to close above that red line, because it will frustrate a bearish pivot (orange lines) and will surpass a zone that was support and resistance in the past. That’s the first challenge. The second one, is to close above the blue line, which is the 38.2% Fibonacci Retracement. If the bulls pass through that point, then we will hit our so dreamed target zone without major problems.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Yes, LTC is still dangerously close to this pink line, but I believe the bulls will pass through it. The next two challenges are a little bit harder, which are the blue and black lines. But, for now, let’s keep our eyes in the pink line. Now, let’s see the daily chart:
There’re a lot of supports here, which is good. The last two red candles left big shadows behind, and as I said in my last analysis this means the bears aren’t so strong as they think. They tried to penetrate the support zone, but they failed miserably, and these long shadows are the scars of a lost battle.
Now, the most important thing for LTC is to close above that red line, because it will frustrate a bearish pivot (orange lines) and will surpass a zone that was support and resistance in the past. That’s the first challenge. The second one, is to close above the blue line, which is the 38.2% Fibonacci Retracement. If the bulls pass through that point, then we will hit our so dreamed target zone without major problems.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
