If the selling pressure continues, might there be another price spike or sell-off with another retest of the 50 MVA? I'm tracing a pattern from the prior retests of the 50 MVA. Each time, a long wick forms from selling pressure and drops to where the prices firmed up for the day.
This traces through to a second time the 50 MVA was rested if you trace further back.
Here, we can see some price action from around Feb 1st and into the 2nd for the presumptive rest of the 50 MVA (tracing for every 20 days at approximately -2%.
Other than more downward pressure, there are still some buying options for LTC if you believe (like me ) that we'll retest $340 again and potentially within a year.
This traces through to a second time the 50 MVA was rested if you trace further back.
Here, we can see some price action from around Feb 1st and into the 2nd for the presumptive rest of the 50 MVA (tracing for every 20 days at approximately -2%.
Other than more downward pressure, there are still some buying options for LTC if you believe (like me ) that we'll retest $340 again and potentially within a year.