LTC USD - Bear or Bull that is the question
Updated
** In the video I stated "double top" and I should of said "double bottom" but you'll get it when watching :) **
Below bullets summary of video:
W - Weekly overall showing Bullish, weekly price action has returned to spoke onto the 786 fib retrace, above the 36 day MA (bullish)
D - Price action below the 36 day (bearish), 200 MA providing support, slow moving MAs looking bearish
4hr - 200 MA over 36 MA (bearish) with decent separation, have a falling wedge forming (possible bull reversal signal), possible double bottom formed (bull reversal signal), slow MAs crossed to the upside
3hr - price action has moved above and closed above 36 day, hitting resistance around $160.00
1hr - price action is broke and closed above 36 & 200 MA (bull)
Overall I'm waiting to see what happens from a day / 4hr perspective. I don't day trade so this is where i based most my buy/sells at. From the day, we are waiting to see if the current candle (showing bull at the moment) closes bull and if we can get it up and over the $160 we'll have confirmation of a move up. If not we'll patiently waiting for that day. :) If we drop back to the 200 MA on the day we would see price sink towards the $100.00 mark.
Below bullets summary of video:
W - Weekly overall showing Bullish, weekly price action has returned to spoke onto the 786 fib retrace, above the 36 day MA (bullish)
D - Price action below the 36 day (bearish), 200 MA providing support, slow moving MAs looking bearish
4hr - 200 MA over 36 MA (bearish) with decent separation, have a falling wedge forming (possible bull reversal signal), possible double bottom formed (bull reversal signal), slow MAs crossed to the upside
3hr - price action has moved above and closed above 36 day, hitting resistance around $160.00
1hr - price action is broke and closed above 36 & 200 MA (bull)
Overall I'm waiting to see what happens from a day / 4hr perspective. I don't day trade so this is where i based most my buy/sells at. From the day, we are waiting to see if the current candle (showing bull at the moment) closes bull and if we can get it up and over the $160 we'll have confirmation of a move up. If not we'll patiently waiting for that day. :) If we drop back to the 200 MA on the day we would see price sink towards the $100.00 mark.
Note
Just adding some additional confluence by adding the volume indicator. We can see an uptick in volume around the double bottom, which I'll be watching closely to see if it in fact pushs price backup and reverses.
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