LTCUSD -- Breakout of Triangle (log scale) & 99Day MA
Continued update from 4/10 Trade --- Two majorly bullish signals today.
1) Breakout above downtrending resistance (log scale)... This line was already broken on standard scale.
2) Breakout above 99-Day MA which was acting as resistance.
LTC looks poised to move sideways, and possibly retest the two above as support, before moving on to the 210-220's.
Keep an eye on if these lines are broken to the downside as that would be bearish at this point.
Good luck, and be patient.... LTC is building a base from which to build a large parabolic curve.... The wider the base, the bigger and higher the curve could potentially be.
-Blud
1) Breakout above downtrending resistance (log scale)... This line was already broken on standard scale.
2) Breakout above 99-Day MA which was acting as resistance.
LTC looks poised to move sideways, and possibly retest the two above as support, before moving on to the 210-220's.
Keep an eye on if these lines are broken to the downside as that would be bearish at this point.
Good luck, and be patient.... LTC is building a base from which to build a large parabolic curve.... The wider the base, the bigger and higher the curve could potentially be.
-Blud
Note
Also -- Keep in mind: There is an inverse head and shoulders on the chart (bullish), a cup with a handle (bullish), and a double bottom (bullish) at play here.... The potential exists for $500 LTC within those signals.Note
LTC has currently retraced to the 7-DA MA, which is just above the 99-DAY MA (162)... So far LTC is acting in accordance with the chart above.Note
LTC has traced to, and tested, the 99D MA as support.. Holding above both the down trending line and the MA would continue to be bullish. A break below either would weaken it's hold at these levels..Note
LTC tested the downtrending line as support and bounced off it... LTC could continue to drift sideways / downward gaining support prior to pushing to the next level.Note
LTC continues to test the downtrending line as support. It should continue it's sideways direction before resuming to new levels.Note
Rather negative to see LTC fall below both supports and back into the triangle. Could become a sell below 143.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.