LTC/USD Chart 09 of training log
LTC is approaching a key support level which intersects with the current downtrend line that it has been retesting as support since may.
RSI is completely bottomed out which does suggest the current price trend is running out of strength however in this market that is not a valid reason to go long.
I will be keeping an eye out to see how LTC will react when the horizontal support meets the diagonal trend line. My guess would be a sharp decline in price followed by a bounce and we should start to see some upwards price action.
Ive also drawn some previous support / resistance levels at the sub $70 USD mark.
RSI is completely bottomed out which does suggest the current price trend is running out of strength however in this market that is not a valid reason to go long.
I will be keeping an eye out to see how LTC will react when the horizontal support meets the diagonal trend line. My guess would be a sharp decline in price followed by a bounce and we should start to see some upwards price action.
Ive also drawn some previous support / resistance levels at the sub $70 USD mark.
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