LTCUSD
4H CHART
So unfortunately my previous double bottom theory did not break the heavy resistance line, which happens to be on the 23.6% retracement line, which would have seen LTC make a comeback from previous lows. At that moment in time we had all the support from the MACD to back my hypothesis. You are welcome to go have a look at my previous idea I published about LTC and the double bottom pattern i thought would be.
But now looking at the current situation, we can see the giant bearish flag (in green). The flagpole is the distance from the breakout at 170USD to the high at that has formed since its high on 12DEC2017.
Volume had a sharp increase as the flagpole formed, but has contracted during the flag's formation. We should see a spike in volume as the price ought ton break the flag's pattern in time to come.
Breakout target: the length of the flagpole measured at 250 points so we apply that to the breakout point and we will have our target.
Positives we can take from this chart is that LTC is trading above the 50EMA (orange line)
The MACD has been showing us a strong and lengthly divergence meaning that a strong reversal of the bull market might be on the way.
Although we are getting sell signals from both the MACD and Stoch RSI on the 4H chart, we could see it falling for the very short time but the 1Day chart MACD is giving us a buy signal for the longer term holders.
ALSO REMEMEBER LITEPAY WILL BE LAUNCHING SOME TIME THIS MONTH SO WE COULD SEE LTC MOONSHOT WITHS ITS RELEASE DATE.
Thanks for reading, and remember this post is just for educational purposes! NOT financial advice!