LTC In Depth 4/22/19 4hr: Trench Warfare. Volatility incoming!

22 Apr 2019

4 hour RSI 39 and trying to climb out of oversold after the 7.25% dump yesterday. MacD is bearish and appears to be rejecting a bullish cross. I was concerned that we were going to fall back into our old ascending channel for the initial April bull move and we did. This means we have less support and more resistance to break. My experience is that channels and triangles do not necessarily translate to future support or resistance once they are broken but bulls should be aware that we just got a new/old potential resistance and It does look like we are respecting that trend line. We have the 12, 26 and 50 MA all squeezed together and we have the 200 coming up to potentially join the party. Most of you probably know this can mean a very large move is coming. Lastly we can see that the 200ma acted as support on the 4hr during our dump yesterday. This is great news for the bulls as it will provide extra support to the downside which is NEEDED in our current situation. EVERYTHING is squeezing to a breaking point; this is very clear!
I would not call this bullish or bearish (price action bearish, indicators bullish lean, support resistance bearish lean. There is clearly a battle happening on the 4 hr and we are coming down to the wire.