LTC/USD setup as of now
Bullish Points:
Falling Wedge - With the wedge at the 78% fib level,
we could see a bounce around that region. Also, the support
trend line happens to be in this area as well which provides
more confluence to this possible bounce.
RSI - Showing a series of higher lows, could be indicating a
trend reversal. Also, an example of divergence as the
overall chart is down-trending and the RSI is up-trending
MACD - Deep in the negatives, looking like a crossover is
approaching soon. Also, the histogram is trending upwards
creating more divergence with the price trend.
Bearish Points:
W2 Bottom Support - This price level at $102.780 (red) cannot
be broken or else we will go into an extended correction
period. This point provides a larger support level for the
falling wedge to bounce if the other major support trend-line
(white) fails
Bullish Points:
Falling Wedge - With the wedge at the 78% fib level,
we could see a bounce around that region. Also, the support
trend line happens to be in this area as well which provides
more confluence to this possible bounce.
RSI - Showing a series of higher lows, could be indicating a
trend reversal. Also, an example of divergence as the
overall chart is down-trending and the RSI is up-trending
MACD - Deep in the negatives, looking like a crossover is
approaching soon. Also, the histogram is trending upwards
creating more divergence with the price trend.
Bearish Points:
W2 Bottom Support - This price level at $102.780 (red) cannot
be broken or else we will go into an extended correction
period. This point provides a larger support level for the
falling wedge to bounce if the other major support trend-line
(white) fails
