LTC Weekly 5/20/19: Not a repeat.

20 мая 2019 г.

Welp, our historical comparison broke when we hit 107+ last week which is great for bulls. We are no longer looking at the same pattern because this gave us a higher high rather than a higher low. This means that we can keep an eye on this pattern but even if the price does spike in 4 more weeks (including our current week) this would NOT be a repeat of history. This being said, we have now seen 3 very strong green weeks in a row and now we have 1 pretty strong red day on the new weekly candle. Our RSI is sitting pretty high at 62, but it still has room for more upside. MacD is showing the obvious bull momentum but the strength is decreasing, So, logic says, that we should pull back this week. Bulls would like to see a pullback hold the bottom of our previous weekly candle at about 84.70 BUT downside potential is large now and a pull back all the way back to around 64.50 would still maintain our bullish weekly uptrend. I don’t feel we will pull back this far but it can happen and we should not become blindly bullish here. We have been VERY bullish action for a few months but we saw extremely bearish action all of 2018. I can now officially say that our mid term trend is bullish and our long term is debatably bullish as well (we need a confirmed test). Let’s get into the shorter-term time frames and see what things look like.