200 MA| Resistance | Correction| Low Volume
Hello Traders!
Today’s chart update will be on LTCBTC where it failed to break the 200 MA, putting in yet another lower high in the bear trend.
Points to consider,
- Bearish structure
- 128MA current support
- 200MA is Major resistance
- Stochastics topping out
- RSI hitting support
- Volume below average
Litecoin, overall has been putting in consecutive lower highs, until this structure changes, it in in a strong bear trend. The 128MA is current support, holding LTC but does look quite weak.
The 200 MA is a major resistance level for LTC to close above, this will signal a probable trend change if it comes to fruition.
Stochastics in currently topping out, lots of stored momentum to the down side. The RSI is currently in neutral territory, a break or bounce is probable in either direction.
Volume is well below average, LTC is probable to retrace back to structural support as bull volume follow through has failed.
Overall, in my opinion, LTC failed to break the 200MA, thus a correction back to support is probable as this area holds the golden pocket of the Fibonacci retracement.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee,
Today’s chart update will be on LTCBTC where it failed to break the 200 MA, putting in yet another lower high in the bear trend.
Points to consider,
- Bearish structure
- 128MA current support
- 200MA is Major resistance
- Stochastics topping out
- RSI hitting support
- Volume below average
Litecoin, overall has been putting in consecutive lower highs, until this structure changes, it in in a strong bear trend. The 128MA is current support, holding LTC but does look quite weak.
The 200 MA is a major resistance level for LTC to close above, this will signal a probable trend change if it comes to fruition.
Stochastics in currently topping out, lots of stored momentum to the down side. The RSI is currently in neutral territory, a break or bounce is probable in either direction.
Volume is well below average, LTC is probable to retrace back to structural support as bull volume follow through has failed.
Overall, in my opinion, LTC failed to break the 200MA, thus a correction back to support is probable as this area holds the golden pocket of the Fibonacci retracement.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee,