LTC just reach a previous resistance level and is currently experiencing some bullish divergence. We could see LTC gain some traction here and experience a corrective wave. My interest in LTC is increasing with a few indicators lining up for a good trade.
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How did know to buy in on this bounce? This is how...
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Given the consolidation phase and the bullish divergence that set up the LTC bounce, LTC handled last nights BTC correction fairly well. Looking at it on a week long level, it has some bearish indications. Short term here is where things are at. We have a couple channel resistance lines and support levels that will, if broken with candle close confirmation, can indicate short-term moves. Given that most of my trades are done on fairly short time lines I am not trading LTC at this point without confirmations.
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So far we have had two one hour candles trying hard to get above that resistance trend line. Both candles came back down prior to close. We did have one 30 min candle close above, but the 1-hour close is evading us. I do like that we are beating up on that trend line. Still no confirmation yet, but waiting patiently.
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Guess what we just got? Our 1-hour candle close :)
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Unbelievably, we now have to wait for the two-hour to close over the trend line...this thing is having a heck of time getting over that resistance.
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he two hour candle for LTC never closed above our significant channel resistance. It made many attempts, but ended up coming down below the .50 retracement fib from April 4th. we are now in the wedge of the same channel line and the .618 retracement (.016658). Still waiting for a confirmed movement with patience. Be watching for a 2-hour and 4-hour candle close above trend line or a break with significant volume.
