LTCUSD
Price and RSI are in sync in rising channels, with current price target @ $48.5 ± 6.2%. With RSI coming off the base of its trend – long entries are probably not there until the next downturn. PRICE ACTION
- Price actions is coming off a parabolic downward movement. We are targeting the 0.8 retrace on the long play.
- Next conservative entry is along the green line @ $46.50; but entries along the lower white bound of the channel should be taken.
- Stop Loss is about 5% below the channel; giving plenty of room for volatility
- The overarching movement is probably bearish.
VOLUME
The 100 candle MA is turning upwards; supporting the assumption that volatility is entering the markets. Majority of the recent above average candles have been on green movements; supporting the bullish case. Importantly, none of the candles on this downward movement broke above the 100 candle average.
RELATIVE STRENGTH
The downward movement showed a bullish divergence on Nov-22 and Nov-25; which has allowed for the development of a rising channel. A higher low above 50.0
KEY PRICE AREAS
Resistance: 49.50, 52.00, 54.50
Support: 46.00, 44.50, 42.00
PREVIOUS UPDATES
2019-Aug-30
2019-Jun-26
2019-Jun-12
2019-May-16
2019-May-13
Сделка закрыта: достигнута стоп-лосс цена:
It's worth waiting until the price breaks the resistance.
It's worth waiting until the price breaks the resistance.
We caught a bounce at the 44.50 horizontal support, therefore we will continue to respect the Stop Loss and let this play through and monitor - though it's not looking promising at the moment.