LTC 1D 5/20/19: 100! AAAAAND its gone.
OMG 100! So excited I forgot to sell. Jk, I sold a little. My initial reaction to this daily chart now is that there is real pullback potential here. When we spiked back up to a new higher high at 107.57 4 days ago our RSI went all the way to 76. This is the second or third highest we have seen in 2019. From this high we pulled back SHARPLY 21.93%! Does this mean we are doomed for a red week? No, but it does make it a lot more likely that we will see a lower high (which we did) then a higher low (we are working on this now). Bulls want to hold 87.44 to maintain this tightening daily range. If we lose that then we will be looking at 84.46 and 75.55 as our next two major support levels. If we break below these by the end of the week I will become concerned about a weekly downtrend. It might be premature to talk about but its important to stay real here and understand there is a good possibility this was simply a higher low on the monthly. Our RSI is currently 62 and Mac D looks like it might try and test a bearish cross. One more thing I see here is that we have some pretty strong overhead resistance now between 94 and 96 so even if we are able to hold 90 ish as our lower high, we would likely see a higher low around 95. Sorry bulls but your going to need to prove that you still have the strength here and a short is looking tempting. One bullish thing I do notice is that bulls have been holding support very well on these sharp pull backs to make sure the weekly uptrend stays intact and we have some nice support built up. On the daily, besides the two supports at 84.46 and 75.55 we also have the 26EMA adding to our 84.46 support and our 50 MA at 81. This 81 support also lines up well with the bottom of our previous bull channel which seems to still be providing support even though it has been broken twice now.
I need to do a major overhaul on this chart. Next week.
I need to do a major overhaul on this chart. Next week.
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