Very controversial signs on the chart. I usually use the 4hr chart for swings.
Currently, everything is very neutral except the slightly bullish momentum which is now slowing as we are approaching the second half of the Tom Demark count.
While the cloud is nearly cleared, the previous TK cross is not in the favour of the bullish trade.
RSI is 50 and therefore completely neutral.
This can go either way from this point. The question is if the bearish BTCUSD will have any affect on the decision like it had previously. It was also completely ignored previous times.
If the pennant breaks either way, large movement is expected. In case of fake breaks stop losses should be adjusted accordingly to the other side of the pennant. In case of a successful breakout or breakdown, the side of the breakout is accepted to be retested.
In case of breakout, my target is slightly above the previous swing high. I believe that due to the bitcoin bearish momentum, LTC won't be able to carry on the bullish momentum even if it breaks to the upside. In case of a breakdown, I expect to retest the level of the previous breakout around 160 - 165.
Not a trading advice. :)
Currently, everything is very neutral except the slightly bullish momentum which is now slowing as we are approaching the second half of the Tom Demark count.
While the cloud is nearly cleared, the previous TK cross is not in the favour of the bullish trade.
RSI is 50 and therefore completely neutral.
This can go either way from this point. The question is if the bearish BTCUSD will have any affect on the decision like it had previously. It was also completely ignored previous times.
If the pennant breaks either way, large movement is expected. In case of fake breaks stop losses should be adjusted accordingly to the other side of the pennant. In case of a successful breakout or breakdown, the side of the breakout is accepted to be retested.
In case of breakout, my target is slightly above the previous swing high. I believe that due to the bitcoin bearish momentum, LTC won't be able to carry on the bullish momentum even if it breaks to the upside. In case of a breakdown, I expect to retest the level of the previous breakout around 160 - 165.
Not a trading advice. :)