LTCUSD Higher Low | Daily Support | Bounce Probable!
Hello Traders!
Welcome back to yet another update, todays chart update will be on LTCUSD, testing its 4 hour uptrend and daily support, a bounce here into local resistance may be probable.
Points to consider
- Trend bullish, consecutive higher lows
- Bounce of major daily support
- Local resistance is at .618 Fibonacci
- EMA’s turning bullish
- VPVR quite flat
- Low Volume
- Stochastics in upper region
- RSI quite neutral
LTC is currently testing a critical level; a respect will be quite bullish as this will be the third consecutive touch. A break from this level however will bearish as this level is in confluence with daily support.
It is looking more probable for a bounce to take place due to the strong support; LTC has multiple technical confluences at current point. We have the daily structural support that is in confluence with the Fibonacci retracement (.786 level), furthermore we have the Fib – extension (1.414) being tested and has held true…
Local resistance for LTC is at the .618 Fibonacci level, which is also in confluence with structural resistance, if a bounce where at play, LTC would be more probable to test local resistance…
EMA’s are currently turning bullish, we need to see a confirmed cross, if price doesn’t hold current level and falls through support, then the EMA’s will continue to prove its resistance.
LTC is experiencing low volume, well below average; we need to see a spike on volume to confirm direction of the trend. The VPVR is currently flat from current price level; a break either way won’t give much resistance for the buyers and or the sellers.
Stochastics is currently in the upper region, it can flatten out and stay at current level, however, we can easily identify when its starts to project downwards momentum. The RSI has bounced of support and now currently in neutral territory; it still has a fair way to go to reach overbought territory…
IMO, the technical target for a bullish scenario would be the local resistance, .618 Fibonacci Level, this is quite probable due to the very strong support LTC has a current level…
What are your thoughts? Will this key support hold true or will LTC break and test lower regions?
Please leave a like and comment
And remember,
Never chase the market for trades. If you have a losing streak, take a break and let your emotions cool down.
Welcome back to yet another update, todays chart update will be on LTCUSD, testing its 4 hour uptrend and daily support, a bounce here into local resistance may be probable.
Points to consider
- Trend bullish, consecutive higher lows
- Bounce of major daily support
- Local resistance is at .618 Fibonacci
- EMA’s turning bullish
- VPVR quite flat
- Low Volume
- Stochastics in upper region
- RSI quite neutral
LTC is currently testing a critical level; a respect will be quite bullish as this will be the third consecutive touch. A break from this level however will bearish as this level is in confluence with daily support.
It is looking more probable for a bounce to take place due to the strong support; LTC has multiple technical confluences at current point. We have the daily structural support that is in confluence with the Fibonacci retracement (.786 level), furthermore we have the Fib – extension (1.414) being tested and has held true…
Local resistance for LTC is at the .618 Fibonacci level, which is also in confluence with structural resistance, if a bounce where at play, LTC would be more probable to test local resistance…
EMA’s are currently turning bullish, we need to see a confirmed cross, if price doesn’t hold current level and falls through support, then the EMA’s will continue to prove its resistance.
LTC is experiencing low volume, well below average; we need to see a spike on volume to confirm direction of the trend. The VPVR is currently flat from current price level; a break either way won’t give much resistance for the buyers and or the sellers.
Stochastics is currently in the upper region, it can flatten out and stay at current level, however, we can easily identify when its starts to project downwards momentum. The RSI has bounced of support and now currently in neutral territory; it still has a fair way to go to reach overbought territory…
IMO, the technical target for a bullish scenario would be the local resistance, .618 Fibonacci Level, this is quite probable due to the very strong support LTC has a current level…
What are your thoughts? Will this key support hold true or will LTC break and test lower regions?
Please leave a like and comment
And remember,
Never chase the market for trades. If you have a losing streak, take a break and let your emotions cool down.
