Litecoin fails to earn $100
PRICE ACTION
As LTC continues to pull back from a second rejection off the $100 range; the 4H chart has started to print a hidden bullish divergence. This pattern will hold true provided that the price maintains a support above $80 – so the bears have a big job ahead of them to invalidate the pattern. This trade would only be suitable for experience short timeframe traders.
On the longer timeframes; the RSI is still pointing to overbought – suggesting that any short-term bullish action may only be a quick burst before coming back down. After 4 months of almost continuous growth; it is reasonable to begin to look for signs of a retrace or consolidation.
And the 52W MA just happens to be right near the 0.382 fib line...
OPEN INTERESTS (BITFINEX)
Long: 1.18 Days
Short: 0.66 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 69 (52W MA), 67 (28D MA)
PREVIOUS ANALYSIS
As LTC continues to pull back from a second rejection off the $100 range; the 4H chart has started to print a hidden bullish divergence. This pattern will hold true provided that the price maintains a support above $80 – so the bears have a big job ahead of them to invalidate the pattern. This trade would only be suitable for experience short timeframe traders.
On the longer timeframes; the RSI is still pointing to overbought – suggesting that any short-term bullish action may only be a quick burst before coming back down. After 4 months of almost continuous growth; it is reasonable to begin to look for signs of a retrace or consolidation.
And the 52W MA just happens to be right near the 0.382 fib line...
OPEN INTERESTS (BITFINEX)
Long: 1.18 Days
Short: 0.66 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- Short Term (4h): Hidden Bullish
- Mid Term (1D): Overbought
- Macro (1W): High
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): ATH
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 69 (52W MA), 67 (28D MA)
PREVIOUS ANALYSIS
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.
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.