$LTCUSD, will it hold upward support, or will we see a H&S?
So looking at the price right now we see some interesting developments:
1) The price goes down to the short term selling point (the area is indicated by the red rectangle). The RSI seems to be entering the oversold area and MACD do is in the negative.
-If we see a confirmation of more downside potential:
2) Depending on the strength and momentum of the price we may see a possible continuation to the downside to test the more broad support line (ascending blue line).
-Then looking at the behavior of price if support price of around $95 is touched, 2 things to watch for:
3) A. Bulls successfully push price higher confirming a hold to support signaling for a higher high for June.
B. a break below the support of $95 to potentially form a head and shoulders pattern by establishing a neckline in the price area indicated by the gree rectangle. (This will take a lot of downward pressure which seems to be unlikely given the current market condition however still a possibility...)
Feel free to share your thoughts, ideas, and feedback
*Remember this is not financial advice, trade and invest at your own risk!
1) The price goes down to the short term selling point (the area is indicated by the red rectangle). The RSI seems to be entering the oversold area and MACD do is in the negative.
-If we see a confirmation of more downside potential:
2) Depending on the strength and momentum of the price we may see a possible continuation to the downside to test the more broad support line (ascending blue line).
-Then looking at the behavior of price if support price of around $95 is touched, 2 things to watch for:
3) A. Bulls successfully push price higher confirming a hold to support signaling for a higher high for June.
B. a break below the support of $95 to potentially form a head and shoulders pattern by establishing a neckline in the price area indicated by the gree rectangle. (This will take a lot of downward pressure which seems to be unlikely given the current market condition however still a possibility...)
Feel free to share your thoughts, ideas, and feedback
*Remember this is not financial advice, trade and invest at your own risk!
Comment:
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