LTC 1D - falling wedge edge
Updated
Here's my analysis:
1. HUGE Falling wedge (bullish) (green lines)
2. my previous Cup & Handle analysis still in play (bullish) (orange line is bottom of cup handle trend)
3. volume looking good for continuation of recent uptrend (on daily)
4. MACD about to cross zero, and widening its separation from the signal line, but could reverse at any time with downward pressure (50/50)
4. an upward channel within an upward channel is forming (hard to see on daily, but they're for lower TF charts) (50/50)
5. strong resistances including round number resistance ($50); the higher timeframe EMAs starting to weigh down on the upward progress; the top edge of the falling wedge; and still no where near the 200 EMA (bearish)
still playing towards my bullish bias in the grand scheme, but noting the warning signs for this current uptrend. Nothing goes up forever... but nothing goes down forever either.
Trade Safe!
1. HUGE Falling wedge (bullish) (green lines)
2. my previous Cup & Handle analysis still in play (bullish) (orange line is bottom of cup handle trend)
3. volume looking good for continuation of recent uptrend (on daily)
4. MACD about to cross zero, and widening its separation from the signal line, but could reverse at any time with downward pressure (50/50)
4. an upward channel within an upward channel is forming (hard to see on daily, but they're for lower TF charts) (50/50)
5. strong resistances including round number resistance ($50); the higher timeframe EMAs starting to weigh down on the upward progress; the top edge of the falling wedge; and still no where near the 200 EMA (bearish)
still playing towards my bullish bias in the grand scheme, but noting the warning signs for this current uptrend. Nothing goes up forever... but nothing goes down forever either.
Trade Safe!
Trade active
In furtherance of this being the bottom the two bullish engulfing candle patterns which occurred December 17-18 and January 2-3. Liking the breakout of the falling wedge which is forming. Not sure if the last three days were a breakout and retest and we are now going to proceed up, or if this is the clear breakout, which will still pull back to the wedge to retest. I would like to see daily close above 48.75 for additional confirmation of the uptrend.
Trade active
still long and going strong!
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