As you can see on my chart, we’ve been following this downwards channel since we topped $250. We made a double correction which finished at the of the previous move and the long term support line. This is a good indication that this correction may be over but we need some more confirmation first. The bounce carried us all the way to the top of the channel where it got rejected. This was expected as we had moved around 30% without having a meaningful pullback but it is a great sign of strength from the bulls. I’ve added a in the middle of the channel that has proved to be significant as we have had many bounces of it all the way down the channel. We also had a strong bounce off here on the recent pull back which is another great sign for the bulls.
An altcoin analysis isn’t complete without mentioning BTC at least once. We are following in the shadows of BTC here which has also shown strength since pulling back. We just broke the short term resistance for BTC and it has helped LTC break it’s own short term resistance. The stochastics here are also turning up. A pull back to the support line could offer us a great entry point. We are surely headed towards the top of the channel to retest that and I am confident that we can break through it based on the strength shown to this point (as long as BTC doesn’t have any other thoughts). We can see that a crossover is imminent from the 20 and 50 day which will also support bulls. A break of the top of the channel and we will be headed towards the dotted resistance line. Let's stay on top of our game and pay attention to the market so we can crush it better than anyone else!!! We want to take advantage of every opportunity and here could be a special one!
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