LTC/USD Continuation
Updated
LTC/USD has been on a tear since its wedge breakout around $150
LTC has since traded consistently with roughly 60% pullbacks off of run ups and consolidation around 30% pullback before continuing for its next bull run consistent with Fibonacci retracement.
As a result rsi has been overbought topping at 90 but has since traded sideways and consolidated as it approaches ema 50 and rsi has dropped to a more reasonable level.
Watch closely as the price action approaches both its ema and trend line from its breakout. Should expect to see continuation at these levels, however if they do not hold, a pullback to the $250 range is likely.
LTC has since traded consistently with roughly 60% pullbacks off of run ups and consolidation around 30% pullback before continuing for its next bull run consistent with Fibonacci retracement.
As a result rsi has been overbought topping at 90 but has since traded sideways and consolidated as it approaches ema 50 and rsi has dropped to a more reasonable level.
Watch closely as the price action approaches both its ema and trend line from its breakout. Should expect to see continuation at these levels, however if they do not hold, a pullback to the $250 range is likely.
Comment
LTC broke its trend line from the break of $150 and as expected we saw a dip touching into the $250 rangeLTC is now approaching its trend line from its original break from $100 as well as its 100ma, Rsi is approaching oversold levels however trading volume is low comparative to what we've seen earlier in the week
There are currently several alt coin runners that are taking volume away from LTC, with an uptick in volume LTC is poised to begin its next run up to previous resistance at $380
However without volume at this important level LTC will try to find support at $250 then $200
Watching closely...
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