Currently, LTC is grinding down the top of a small (black dots.) If we break back into this small , LTC could find initial support at the pink . Below that, we have the 78.6% retrace, the bottom of the small , and then the bottom of the big blue channel.
Ultimately, LTC is trapped in this big , so, technically, the bears are still in control. Looking at the , we can see that it just produced a crossover, increasing the likelihood of an expansion in sell-side momentum. is weak, and producing a low trough (red arc,) which in the past has preceded a corrective move. In addition to the low troughs, they end right when the is crossing over . That is exactly what we have right now. If this pattern is to repeat itself, a corrective move should follow. Pixie dust and fairies be with you.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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