Currently, LTC is in a pattern. Long term we are still in territory and won't be able to reverse that until we reach the $150's but in shorter term we are a bit . Just a little bit ago, we bounced off our flag resistance of $122.5. If we continue this pattern, we can expect a bounce off the flag support in the upper $118's. After that, our first step in continuing being is breaking the pattern and closing above $123.
If we can manage breaking the pattern upwards, then our second main test will be breaking our previous short term high of $128. If that does occur, then we can look forward to hopefully getting into the $130's and consolidate there.
If we do break down out of the , our first main support is the $116 range. That is where our current short AND long term resistance is at. We want to really hold that level because that is our support for our larger .
If that happens to break, I would not worry to much. Our last large support is at $110 and LTC has done a good job of maintaining above that level.
Also, the and can be good indicators on which direction the price might move. Currently, the confirms that a short term downtrend is in progress and a test of the support might be possible.
That is all I have for now, I will update this if our current flag is broken or if anything else big occurs.
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