Litecoin fails to earn $100
PRICE ACTION
As LTC continues to pull back from a second rejection off the $100 range; the 4H chart has started to print a hidden bullish divergence. This pattern will hold true provided that the price maintains a support above $80 – so the bears have a big job ahead of them to invalidate the pattern. This trade would only be suitable for experience short timeframe traders.
On the longer timeframes; the RSI is still pointing to overbought – suggesting that any short-term bullish action may only be a quick burst before coming back down. After 4 months of almost continuous growth; it is reasonable to begin to look for signs of a retrace or consolidation.
And the 52W MA just happens to be right near the 0.382 fib line...
OPEN INTERESTS (BITFINEX)
Long: 1.18 Days
Short: 0.66 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 69 (52W MA), 67 (28D MA)
PREVIOUS ANALYSIS
As LTC continues to pull back from a second rejection off the $100 range; the 4H chart has started to print a hidden bullish divergence. This pattern will hold true provided that the price maintains a support above $80 – so the bears have a big job ahead of them to invalidate the pattern. This trade would only be suitable for experience short timeframe traders.
On the longer timeframes; the RSI is still pointing to overbought – suggesting that any short-term bullish action may only be a quick burst before coming back down. After 4 months of almost continuous growth; it is reasonable to begin to look for signs of a retrace or consolidation.
And the 52W MA just happens to be right near the 0.382 fib line...
OPEN INTERESTS (BITFINEX)
Long: 1.18 Days
Short: 0.66 Days
RELATIVE STRENGTHS
- Micro (5m): Flat
- Short Term (4h): Hidden Bullish
- Mid Term (1D): Overbought
- Macro (1W): High
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): ATH
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 69 (52W MA), 67 (28D MA)
PREVIOUS ANALYSIS
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