My previous TA on LTC showed an H&S formation inside a symmetrical triangle with a promising break above the neckline. It bounced back from the neckline ($155) which offered a strong resistance.
The bigger picture now shows LTC correcting inside a fairly large bear flag.
The base of the flag has shown to be acting as strong support but has been pierced several times already and makes it more vulnerable as support. A retest of it could bring LTC down to revisit the old support at $132-$133 which in my opinion is weak and could crumble easily. RSI and Volume have been declining in the 4hrs timeframe. At the moment I would not recommend any positions, just sit on cash and wait for a better opportunity to reenter ($165-$172) or buy some more at a discounted price ($123-$125)
This is only my opinion not to be taken as financial or trading advise. Be Wise!
The bigger picture now shows LTC correcting inside a fairly large bear flag.
The base of the flag has shown to be acting as strong support but has been pierced several times already and makes it more vulnerable as support. A retest of it could bring LTC down to revisit the old support at $132-$133 which in my opinion is weak and could crumble easily. RSI and Volume have been declining in the 4hrs timeframe. At the moment I would not recommend any positions, just sit on cash and wait for a better opportunity to reenter ($165-$172) or buy some more at a discounted price ($123-$125)
This is only my opinion not to be taken as financial or trading advise. Be Wise!