On the 30m chart I noticed this pattern. I don't think I would think much of it, but LTC has already been in a falling wedge for a while, but it's nearing the end of this short term one and it's really near the long term resistance line (purple), which caused the break out the other day.
I'm no professional, but could a crossing of the MACd short term be enough to break out of this channel again? I see that potentially happening on the 30m. LTC is still fighting hard at 145 just like BTC at 9k. Those previous resistances are now stronger supports for the time being. If it breaks below 145 I see it going to 130 and maybe bouncing from there, or going back much lower and unfortunately continuing bearish, but I see that as unlikely as the psychological momentum seems to be picking up from within the LTC community, which means more optimistic buyers. We saw a ray of hope the other day basically, so there's that going for it. If it breaks bullish from the wedge that would be a good sign certainly.
I'm still skeptical to sell because I don't want to miss out on bullish action overnight like LTC did to me last time, but thankfully I was caught hodling that time. MPC, who I follow, said this could be an inverse H&S pattern forming, instead of a double bottom. Time will tell.
Please comment with your thoughts and constructive critiques of my analysis! I rely much less on shorter term TA than longer term stuff, but the same rules apply for less time as I understand it. Anyways. I digress. Peace out. Don't listen to this as financial advice to buy or sell LTC.
I'm no professional, but could a crossing of the MACd short term be enough to break out of this channel again? I see that potentially happening on the 30m. LTC is still fighting hard at 145 just like BTC at 9k. Those previous resistances are now stronger supports for the time being. If it breaks below 145 I see it going to 130 and maybe bouncing from there, or going back much lower and unfortunately continuing bearish, but I see that as unlikely as the psychological momentum seems to be picking up from within the LTC community, which means more optimistic buyers. We saw a ray of hope the other day basically, so there's that going for it. If it breaks bullish from the wedge that would be a good sign certainly.
I'm still skeptical to sell because I don't want to miss out on bullish action overnight like LTC did to me last time, but thankfully I was caught hodling that time. MPC, who I follow, said this could be an inverse H&S pattern forming, instead of a double bottom. Time will tell.
Please comment with your thoughts and constructive critiques of my analysis! I rely much less on shorter term TA than longer term stuff, but the same rules apply for less time as I understand it. Anyways. I digress. Peace out. Don't listen to this as financial advice to buy or sell LTC.