LTCUSD - Technical Analysis September 30, 2017 - Current Price $55.90

LTCUSD

If you recall our previous Analysis of LTCUSD we noted the wedge breakout and backtest that was currently happening and provided bearish and bullish levels we would have liked to see achieved in order to take a position. Mechanically and reliably, LTCUSD tested both trendlines and so looking again...

daily

On the daily time frame LTC is trying to recapture that historical trendline that guided the uptrend from its lows. Make Note of the stochastic RSI and MACD which are ready for bullish cross overs and will only be driven by volume. As the Daily Stochastic RSI re-enters uptrend we take a position.

Make note of the possible double top on the daily chart here in this little formation at $57.69

4 hour

On the 4 hour time frame we are observing a curled 170dma and stochastic RSI ready to push uptrend again. My anticipation would be a test and failure of that moving average resistance which would drive another backtest of reclaiming trendline support. I refer to this as price verification.

1 hour

On the 1 hour time frame we see the RSI was oversold and is what drove this bounce off of the wedge breakout back test. The stochastic RSI is just enter uptrend as the MACD is showing a slight bullish divergence. We need to see flaggin or consolidation here in order for the price to reapture resistance and make price progression, higher highs.

Reiterating

Bullish Above: $60

Bearish Below: $49

RISK TRADE: scale a long position here for a retest of the 170dma 4 hour for a day trade, alternatively be ready to short this level if the volume is not conducive to price progression.

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Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.