Currently LTC has been following the top of the bear flag channel. Probably bolstered by both BTC news and Monday trading FOMO. However, I believe that there is still good probability that LTC will go down from the current prices. It should at least test the bottom of the channel once more before a bullish breakout should occur. If it doesn't test the bottom of the channel, at least a test of the 0.618 Fib levels before breaking out of the channel.
The current chart displays 30 minute intervals. Looking at the signals, the bollinger bands are contracting, indicating a move in direction, most probably down based on the signals I'm looking at. Volume is a little choppy and is sending mixed signals. RSI is diverging: The new high price does not display a new high on the RSI, in fact it is decreasing. The MACD is also diverging, showing decreasing values for the current highs. Longer timeline views are still bearish. The vertical blue line indicates the start of 7/21, the upcoming Friday.
I'm going to keep watching the progression of LTC this week, I think this may be the last weekend of a bear trend, but it's still too early to call. I do think a lot of movement today has been mainly FOMO. Maybe they will be bagholders, maybe they'll moon. Who knows? Life is a gamble. The best we can do is make educated guesses.
Disclaimer: I'm all fiat as of the time of this post. I have no formal training in financial analysis.
The current chart displays 30 minute intervals. Looking at the signals, the bollinger bands are contracting, indicating a move in direction, most probably down based on the signals I'm looking at. Volume is a little choppy and is sending mixed signals. RSI is diverging: The new high price does not display a new high on the RSI, in fact it is decreasing. The MACD is also diverging, showing decreasing values for the current highs. Longer timeline views are still bearish. The vertical blue line indicates the start of 7/21, the upcoming Friday.
I'm going to keep watching the progression of LTC this week, I think this may be the last weekend of a bear trend, but it's still too early to call. I do think a lot of movement today has been mainly FOMO. Maybe they will be bagholders, maybe they'll moon. Who knows? Life is a gamble. The best we can do is make educated guesses.
Disclaimer: I'm all fiat as of the time of this post. I have no formal training in financial analysis.
Comment:
Currently undergoing the second test of the upper resistance of the downward trend line. Still following nicely.
Comment:
Still sitting patiently in fiat. Current BTC controversy with the fork is still full FUD. Hope nobody got caught in the bull trap earlier. You can see current BTC signalling and progress here: www.xbt.eu/. However, as of now, I'm not sure it will hit the lower channel. If BTC forks, i expect the price to decline after August 1st as the market starts to reacclimate. While one would think this would cause LTC prices, it may still drop. LTC:BTC ratio may improve though, but when BTC falls, market sentiment throughout all crypto seems to decrease. Should be an interesting next couple of weeks.
Remember, don't trade with emotion. It's better to miss potential profits than to lose real money. Wish you all the best.
Remember, don't trade with emotion. It's better to miss potential profits than to lose real money. Wish you all the best.
