August '17 structure looks very similar to May '21 structure
In both cases as it stands, there was a large peak, and then a second smaller peak, both bottoming out on a support that was acting as the major resistance in the bear market.
In Both cases the resistance was flipped and tested as support twice.
If the current area of support around 105-109 holds, we could see a major impulse. I am unsure about how to measure the potential.
The Rsi is forming a descending wedge, and could move deeper into oversold territory. This is also similar to August '17 structure.
The Stoch Rsi appears to have reached a bottom and has started to turn.
I am not taking a position, I just felt inclined to share this idea. This is a make or break area for LTC and for the Cryptocurrency market in general.
I am very curious to see how the next several weekly candles are going to pan out.
This is not financial advice. This is for my record and reference as a hobbyist trader.
Like and comment. I encourage interaction and ideas around LTC and the Crypto market in general!
In both cases as it stands, there was a large peak, and then a second smaller peak, both bottoming out on a support that was acting as the major resistance in the bear market.
In Both cases the resistance was flipped and tested as support twice.
If the current area of support around 105-109 holds, we could see a major impulse. I am unsure about how to measure the potential.
The Rsi is forming a descending wedge, and could move deeper into oversold territory. This is also similar to August '17 structure.
The Stoch Rsi appears to have reached a bottom and has started to turn.
I am not taking a position, I just felt inclined to share this idea. This is a make or break area for LTC and for the Cryptocurrency market in general.
I am very curious to see how the next several weekly candles are going to pan out.
This is not financial advice. This is for my record and reference as a hobbyist trader.
Like and comment. I encourage interaction and ideas around LTC and the Crypto market in general!
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.