LTC/USD setup as of now
Bullish Points:
Falling Wedge - With the wedge at the 78% fib level,
we could see a bounce around that region. Also, the support
trend line happens to be in this area as well which provides
more confluence to this possible bounce.
RSI - Showing a series of higher lows, could be indicating a
trend reversal. Also, an example of divergence as the
overall chart is down-trending and the RSI is up-trending
MACD - Deep in the negatives, looking like a crossover is
approaching soon. Also, the histogram is trending upwards
creating more divergence with the price trend.
Bearish Points:
W2 Bottom Support - This price level at $102.780 (red) cannot
be broken or else we will go into an extended correction
period. This point provides a larger support level for the
falling wedge to bounce if the other major support trend-line
(white) fails
Bullish Points:
Falling Wedge - With the wedge at the 78% fib level,
we could see a bounce around that region. Also, the support
trend line happens to be in this area as well which provides
more confluence to this possible bounce.
RSI - Showing a series of higher lows, could be indicating a
trend reversal. Also, an example of divergence as the
overall chart is down-trending and the RSI is up-trending
MACD - Deep in the negatives, looking like a crossover is
approaching soon. Also, the histogram is trending upwards
creating more divergence with the price trend.
Bearish Points:
W2 Bottom Support - This price level at $102.780 (red) cannot
be broken or else we will go into an extended correction
period. This point provides a larger support level for the
falling wedge to bounce if the other major support trend-line
(white) fails
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Related publications
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.