Hello all and happy Monday!
I hope you all are doing well!
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Last night I made an update on LTC's falling channel and mentioned the two doji candles that formed on the Heien-Ashi chart. We discussed the possibility of the price dipping into the marked area but were expecting the channel to eventually be broken to the upside. Over night, three more doji candles formed, finally giving us the reversal and channel break. The MACD was showing us the increased negative momentum but much higher price in the rising channel. The negative momentum was reseting at the bottom of the smaller descending channel with lower selling interest . The next area of resistance would be near $76.35. We need to see increased volume and candle spread for a break of this level and a test of the upper channel line.
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!
I hope you all are doing well!
Leave a like and comment!
Last night I made an update on LTC's falling channel and mentioned the two doji candles that formed on the Heien-Ashi chart. We discussed the possibility of the price dipping into the marked area but were expecting the channel to eventually be broken to the upside. Over night, three more doji candles formed, finally giving us the reversal and channel break. The MACD was showing us the increased negative momentum but much higher price in the rising channel. The negative momentum was reseting at the bottom of the smaller descending channel with lower selling interest . The next area of resistance would be near $76.35. We need to see increased volume and candle spread for a break of this level and a test of the upper channel line.
Remember that the only thing we can control in the market is risk management!
Everything here is my own opinion and should not be taken as trade advice!
Questions, comments or concerns? Send me a private message!
Can we get an uptrend going from here ?