The LTC Project 2019, Phase 01, Edition 01

Observations:

Daily Chart indicators:

• 50 EMA acting as support;
  0.5 fib retracement looks like the key support level; the downward wedge channel has the break at this point.
  Black slope line acting as another support line since March.
  RSI around the 50% mark with double sch. oscillator indicating a return to upward momentum, confirmed by the bounce;
  We have completed impulse 4 of the elliot wave
  

4 Hrly chart observations;
Gartley pattern in play with the black slope as its support. Immediate target after point D is the level of point A;
The 50 and 100 EMA cross over indicating a bullish component;
0.786 fib seems to be the retracement level;

4 HRLY CHART 1;

Giao dịch đang hoạt động:

When I said Gartley pattern, I should have put the word "assumption". Either way, the confirmation is required by point C if it occurs. I sill feel the path is towards the Point D for an upward trend.

Giao dịch đang hoạt động:

Or the upward trend is started, which is more likely the scenario. I hate that you cannot edit the txt within a minute of submitting it. I guess I have to slow down.

Bình luận:

Bình luận:

LTC indicators tell us there is more downside to go...At this point, I see it hitting the black line resistance.

Giao dịch đang hoạt động:

To support the theory of the black line support, it seems a typical harmonic pattern forming, Gartley pattern.

Giao dịch đang hoạt động:

Another perspective....starting to like Fib. Circle makes a lot of sense.
Observation: Support line is holding and candles are compressed. We pulled back to 0.786 for this current level at the 0.618. This needs to hold otherwise we can see it trend downwards further more to the overall impulse (wave 2 to 3) as to 0.618.
We don't have much confidence with the ALTS but I have seen this a few times where BTC dominates for a period and then the ALTS come back in. LTC, ETH, etc will always be desired when things come back to normal. Hence with LTC pulling back its a good thing to keep monitoring for the signs. No divergence and momentum is almost 0. MFI is increasing and CCI is also neutral.