Likely a new trend line (in yellow) has formed for LTC.
The trend line is drawn between the low on the 29th & 30th Nov, as well as the 7th Dec & the 17th Jan.
If you look at the recent action, every time LTC touches the trend line, it quickly bounced back. Right now LTC is just bouncing between the resistance (in red dotted line) and the yellow trend line. And between them we have the 61.8% retrace right in the middle of the wedge.
If you look at the graph I posted on Stellar yesterday before the break out, soon after Stellar touched the trend line Stellar breaks out to the top of the wedge with a 10-15% increase. So, I am expecting LTC to follow the same pattern. However, I would watch LTC closely just in case it breaks out to the downside, especially if it breaks the 200EMA just below,
Close up look of the low in Nov & Dec.
The trend line is drawn between the low on the 29th & 30th Nov, as well as the 7th Dec & the 17th Jan.
If you look at the recent action, every time LTC touches the trend line, it quickly bounced back. Right now LTC is just bouncing between the resistance (in red dotted line) and the yellow trend line. And between them we have the 61.8% retrace right in the middle of the wedge.
If you look at the graph I posted on Stellar yesterday before the break out, soon after Stellar touched the trend line Stellar breaks out to the top of the wedge with a 10-15% increase. So, I am expecting LTC to follow the same pattern. However, I would watch LTC closely just in case it breaks out to the downside, especially if it breaks the 200EMA just below,
Close up look of the low in Nov & Dec.
Note
The wedge has now broadened a bit since my last LTC post, just like what happened to XRP. However, if you look at the graph below, you can see that the apex of the wedge is about to bump into my yellow trendline, so a breakout seems to be imminent. Of course, it can break down to the downside, but with the recent action, I believe LTC will break above the wedge. I have also added in 100EMA as it seems like 100EMA is quite a big support. Interestingly, the 100EMA is currently at the same level as the yellow trendline, which adds another support. Below that is the 200EMA. These are all very good support which makes me believe LTC will go up. If you are unsure, set your stop loss right below the 200EMA.
Note
Sorry, the above is for Stellar. See the below for LTC.
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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.