LTC potential BREAKOUT!

The LTCUSD has been flashing some bullish signals after finding support on the monthly moving average on top of the inverse head and shoulder pattern in between the monthly & quarterly moving average creating a new value area for LTCUSD between 30 & 40$.

If a break occurs we can expect a break up towards 40$ FIRST before regrouping in a rally with a break out of quarterly moving average up to the area of 70$ where we might run out of steam until further notice. If a fail of the breakout happens at quarterly ma we will fall back into the accumulation stage before trying again down at 30$ as we have printed a nice amount bars there where possibly a lot of the buy orders will be sitting at.

Peculiar to notice is as well how nice the inverse head and shoulder pattern has placed itself around the round numbers marked in red dotted lines.

If you like what you see please do give a like as i will try to post more often!

Komentar:

Zooming into the hourly chart we are able to see that the previous price action completed a perfect bull flag and a continuation within the drawn out price channel and a soon to be completed AB=CD pattern where:

A -> B is the bottom of the flag to the top B -> C is the leg from top of the pole down to the flag (60% retracement) & C > D being the top of the price channel drawn!

Can be that a small retest of pole will happen to find support (not breaking 127 at first) before doing a ceiling test (top of channel 161%)

Komentar:

Testing the quarterly MA for resistance, either bulls break it for a continuation to top of price channel or retest later.

Trading ditutup: target tercapai