LTC rallied to almost $55 and was swiftly rejected from the downtrend resistance line. This could have been a major whale taking profit, seeing as this happened in a span of about 15 minutes, but who knows. This sort of thing validates how fragile supports and resistances are in a highly speculative market. Logical TA becomes less and less effective when markets are so susceptible to manipulative practices or when major money exits the market.
@ exactly 9:00am LTC plummeted, forming a massive bear flag, after getting rejected from overhead resistance. LTC has formed an ascending channel formation, and is retesting the daily 200 MA as support, which is also the middle of the channel. If that support breaks the next stop is the rising support trend line which is right at the psychological support of $40. Breaking through the $55 range is huge, and once it happens will be a confirmation for major upside movement. Until then, if we break the "rising support" line the next support is $30 and then we would retest the lows of 2018, which is still a possibility. Despite the red day, LTC is looking pretty good.
@ exactly 9:00am LTC plummeted, forming a massive bear flag, after getting rejected from overhead resistance. LTC has formed an ascending channel formation, and is retesting the daily 200 MA as support, which is also the middle of the channel. If that support breaks the next stop is the rising support trend line which is right at the psychological support of $40. Breaking through the $55 range is huge, and once it happens will be a confirmation for major upside movement. Until then, if we break the "rising support" line the next support is $30 and then we would retest the lows of 2018, which is still a possibility. Despite the red day, LTC is looking pretty good.