Possible LTC breakout against BTC?
LTC has been taking a slow beating against BTC for the last week or so, following a descending wedge trend after crashing through the support at 0.0182, its 50-day EMA (which it had mostly respected until recently), and its lower Bollinger band. This all took place with relatively low volumes -- a slow bleed-out.
However, LTC appears to have bounced rather energetically off the 200-day EMA yesterday, and there has been an trend of increasing volume in the last 3 days -- could this be a sign that LTC is getting ready to break out against also-beleagured BTC? This breakout thesis is also supported by the hook reversal pattern in the RSI, but further confirmations (e.g. 2- or 3-day bullish candlestick patterns, or breaking the 0.018265 resistance) are necessary in order to draw any useful conclusions.
This is a homework assignment -- not investment advice.
However, LTC appears to have bounced rather energetically off the 200-day EMA yesterday, and there has been an trend of increasing volume in the last 3 days -- could this be a sign that LTC is getting ready to break out against also-beleagured BTC? This breakout thesis is also supported by the hook reversal pattern in the RSI, but further confirmations (e.g. 2- or 3-day bullish candlestick patterns, or breaking the 0.018265 resistance) are necessary in order to draw any useful conclusions.
This is a homework assignment -- not investment advice.
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