We must jump straight into this. Looking at the 4hr chart, we can see that we had a technical break out about 24 hours ago. However, I wanted to see more confirmation, since every candle had been red after the initial break through. Well, here we have it, an OFFICIAL and CONFIRMED breakout!
Do you see that volume?
Do you see that explosion up after retesting the top of the falling wedge?
That is a confirmed breakout. Now the question is, are we going to get above the Major Resistance line? and How soon?
Over the past few days, LTC has broken through the 50 day EMA and top of the falling wedge resistance indicators and is now trading right at the Major Resistance Levels. There was ZERO resistance between the top of the falling wedge and the major resistance levels after re-testing the top of the falling wedge. Go look up a Falling Wedge pattern, and tell me this isn't a falling wedge. Hence why I believe we have completed a bullish reversal, with suspicion, of course.
IF we close above the Major Resistance Lines, I will put 200-220 levels in LTC sights. There is very little resistance after the 180 levels, but around those levels, it will be a bloodbath.
If we close near the Major Resistance but not above, I would expect a range trading in between the top of the falling wedge and the Major Resistance Level.
I have put a temporary dotted green upward trendline in place. This is only hypothetical right now, until we see a higher low be completed above the top of the falling wedge. And this line will change based on the low that is formed.
I have also moved Major Support to the 140 levels. And minor support is now at the 50 day EMA line and the top of the falling wedge.
I am treating this as a confirmed reversal, and the bear market is over. I fully expect the bears to make a rabid push to regain control of this market but i personally think the bulls are ready.
Those few things are what i will be watching over the next 24 hours, and as always, i will be monitoring the situation closely, and you should too!
Thanks guys! Please share your comments and ideas below!
Do you see that volume?
Do you see that explosion up after retesting the top of the falling wedge?
That is a confirmed breakout. Now the question is, are we going to get above the Major Resistance line? and How soon?
Over the past few days, LTC has broken through the 50 day EMA and top of the falling wedge resistance indicators and is now trading right at the Major Resistance Levels. There was ZERO resistance between the top of the falling wedge and the major resistance levels after re-testing the top of the falling wedge. Go look up a Falling Wedge pattern, and tell me this isn't a falling wedge. Hence why I believe we have completed a bullish reversal, with suspicion, of course.
IF we close above the Major Resistance Lines, I will put 200-220 levels in LTC sights. There is very little resistance after the 180 levels, but around those levels, it will be a bloodbath.
If we close near the Major Resistance but not above, I would expect a range trading in between the top of the falling wedge and the Major Resistance Level.
I have put a temporary dotted green upward trendline in place. This is only hypothetical right now, until we see a higher low be completed above the top of the falling wedge. And this line will change based on the low that is formed.
I have also moved Major Support to the 140 levels. And minor support is now at the 50 day EMA line and the top of the falling wedge.
I am treating this as a confirmed reversal, and the bear market is over. I fully expect the bears to make a rabid push to regain control of this market but i personally think the bulls are ready.
Those few things are what i will be watching over the next 24 hours, and as always, i will be monitoring the situation closely, and you should too!
Thanks guys! Please share your comments and ideas below!