Hey guys, this is going to be a short but necessary analysis since we are facing a critical moment with LTC. We have bounced off our bullish support trend line for the last hour or two. I have labeled $203.60 as a critical support because if we dip below that, then LTC will become bearish. The green support line is our main one from when we became bullish after dipping to a low of $106.30 at the beginning of this month.
Placing buys in the mid 200's is not a bad idea, but just know if it does dip below the trend line and candles close below it, then a dip below 200 will be feasible. The lower BB reaches right at $200 so it is possible to touch that. If this turns around, our first main test of resistance will be at about $212-214, which a bounce will most likely occur. If we blow past that then $223.60 will be the next main resistance in which I believe we will move sideways.
I will keep a close eye on this and will update this if I notice our support is broken and reversal is in progress. Check out my previous day TA's in the related ideas section and like/follow if you would like to stay up to date with them. I appreciate the support I have received with my previous TA's and hope I can continue to help.
Placing buys in the mid 200's is not a bad idea, but just know if it does dip below the trend line and candles close below it, then a dip below 200 will be feasible. The lower BB reaches right at $200 so it is possible to touch that. If this turns around, our first main test of resistance will be at about $212-214, which a bounce will most likely occur. If we blow past that then $223.60 will be the next main resistance in which I believe we will move sideways.
I will keep a close eye on this and will update this if I notice our support is broken and reversal is in progress. Check out my previous day TA's in the related ideas section and like/follow if you would like to stay up to date with them. I appreciate the support I have received with my previous TA's and hope I can continue to help.
Kommentar:
Bounced off our short term resistance as expected. Could expect another retest of our support in the next hour or so.
