LTC/USD - Maybe Time to Consolidate Before Next Move
As a follow up to my last two videos, we did move to hit a Target and spiked to $251 and saw a pull back to $215 today.
I'm somewhat neutral at the moment, with a slight bias to some more pull back. If we do, i'm thinking the $205-$190 range is likley, but only time will tell. Going to be sitting on my hands for the moment and want to see what the next 10-20 hours tells me. The last daily candled closed as an inverted hammer in my opinion, which is a reversal signal, but i want to see other confirmation before i'm on board totally with that. I favor price action ranging from $225 - $250 for a bit before making a move in either direction.
Give a like and leave me your thoughts on what you are seeing. Oh... my bias is based on price action right now. If we stay below $225 for a few 4HR candle closed... my bias to downside will strengthen.
I'm somewhat neutral at the moment, with a slight bias to some more pull back. If we do, i'm thinking the $205-$190 range is likley, but only time will tell. Going to be sitting on my hands for the moment and want to see what the next 10-20 hours tells me. The last daily candled closed as an inverted hammer in my opinion, which is a reversal signal, but i want to see other confirmation before i'm on board totally with that. I favor price action ranging from $225 - $250 for a bit before making a move in either direction.
Give a like and leave me your thoughts on what you are seeing. Oh... my bias is based on price action right now. If we stay below $225 for a few 4HR candle closed... my bias to downside will strengthen.
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My expectation that price would hold under $225 is playing out and actually breaking to the downside. Based on a measure move of the trendline break, i've plotted a red zone as a possible downside target based on this break. We have some hours to go, so it could change, but at present the daily candle is shaping up to be bearish engulfing over yesterdays inverted hammer (reversal signal).
Price action is above the 200EMA on 4,3, and 2 hour charts, but testing a break of the 200 on 1HR. We are below on 45 and below with indications price might sneak lower.
I believe the previous fib zone on my charts will hold between the 200ish and $190 level or will see a bump before getting lower. I'm looking for this area, but would not be surprised to see that lower red zone get a spike down.
Daily
4HR
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So that measure moved looks like it just might play out to the downside. Looking back I stated, I though price would move down to a zone of $203-190 and that has played out. On lower time frames, we see that did bump up a little as expected and now we are seeing it move back to test that $190 level.
I believe if we break $190 and see a close on the 4HR below the blue fib zone to the left, that red zone area will be in play.
We are below the 200EMA on the 2HR and below charts. The 3HR is testing and looking to get a small close below in the next 30mins. and the current 4HR candle is sitting right now it (i expect a close below) and price to roll on down to red zone on my chart (roughly $185-$175).
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Price action continues to play around in that zone of 190s i mentioned. I'll be watching the daily close on this one as well as most other cryptos. Specifically, i'll be watching to see how the day closes on that blue fibo zone off to the left on my chart. 4HR
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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.