The market corrected the previous upward movement and we have to search for reversals and signals confirming the continuation of the main uptrend.
The price bounces from the support zone formed by SMA50, 75.00 and 70.00 levels. The market tried to move below this zone but this attempt was not successful. The price moved above SMA50 and now we have the reversal signal. RSI confirms the price reversal and MACD histogram supports a possible upward movement. But buying based on this reversal signal can be risky.
It will be better to wait for an additional signal confirming the further upward movement. Such a signal we will be able to get if the price breaks the downtrend line and moves above 75.00 level. If so, we will get the signal confirming the further upward movement in the bullish structure.
This breakout can be used for buying for medium and long term. With proper money management, the entry and exit levels, this market will be able to give a good profit, of course, if the market continues the main trend.
What do you think about this market? Share your ideas below this post. Also, I will be grateful if you support my work by your LIKEs.
@cyatophilum, yea keep using lagging indicators and neglect the big picture. I will come back to this to tell you "I told you so"
cyatophilum
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@wildbeast, I will be listening. Do you have an idea to share that I could read ? What do you think is the 'bigger picture' ? I am also long term bullish on LTC.
Darkside999
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@cyatophilum, I dont like to put charts on Tradingview but ltc halving is coming in aug and if you look at the daily chart there is a huge textbook cup and handle forming and the handle is almost complete. Plus bounced of strong support. Stoch rsi pointing upwards . Rsi still has more room to go up. Ltc looks bullish as hell
mycotoxin
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@cyatophilum, Yes you are onto something and LTCs move does not look right.
UnknownUnicorn788630
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LTC very bearish... dont buy here, big trap. $40 coming before (if ever) $100.
DLavrov
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@MonocoleDundee, what are the signals confirming the bearish market and from which timeframes?