Hello everyone, I invite you to review the LTC chart on the four-hour interval. As we can denote with the blue lines, the price is moving in the uptrend channel where we are moving towards the lower border.
Let's start by marking the support places for the price and for this we will use the trend based fib extension tool, you can immediately see that the price is staying in a very strong support zone from $88 to $81.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price bounces off the $95.94 resistance, then we have a second resistance at $102.22, then a third resistance at $107.64, and then price needs to break the strong resistance zone from $113 to $120.
The CHOP index indicates that there is still energy to make a move, the RSI is in a strong rebound but there is still room for the price to go lower, while the STOCH indicator is approaching the lower limit and there is some energy left to complete the move.
Let's start by marking the support places for the price and for this we will use the trend based fib extension tool, you can immediately see that the price is staying in a very strong support zone from $88 to $81.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price bounces off the $95.94 resistance, then we have a second resistance at $102.22, then a third resistance at $107.64, and then price needs to break the strong resistance zone from $113 to $120.
The CHOP index indicates that there is still energy to make a move, the RSI is in a strong rebound but there is still room for the price to go lower, while the STOCH indicator is approaching the lower limit and there is some energy left to complete the move.