Happy Friday everyone. BTC / LTC and other crypto currencies have looked extremely promising the last day or two. The volume has been steady which is making me believe this isn't another trap. We need to keep this upward trend up though for the next or so because we are still not out of our bearish state. For BTC, the $8400 range needs to broken, and for LTC it's at about $145.
Right now we are in a upward channel, short term setting higher highs and higher lows. To continue this pattern, we first need to past a small resistance of $133, then we will need to test our key resistance which is about $135.5. This is the previous high we reached a little bit ago. It happens to match perfectly with the resistance line, so it's possible a bounce off it could happen with a retest of our current price levels.
If things turn around, our first support will be at $130, if that is broken, then our current channel will be broken and that could signal a reversal. Our key support after that is at $124, then $120. These two will be critical to hold because if we drop back below that, we will be right back where we started before all of this. Long term support is still at about $114 which is good.
Volume has been steadily decreasing the last few hours, so make sure to keep an eye out on LTC and especially BTC. Stoch rsi on the daily and 4hr charts is nearly peaking so it is important that their is buying pressure within the next few hours if we want to continue this trend.
Check out my previous TA's in the related ideas section and please like/follow if you would like to stay up to date with the TA's I post. I will update this if any key support/resistance is broken. Have a great day everyone.
Right now we are in a upward channel, short term setting higher highs and higher lows. To continue this pattern, we first need to past a small resistance of $133, then we will need to test our key resistance which is about $135.5. This is the previous high we reached a little bit ago. It happens to match perfectly with the resistance line, so it's possible a bounce off it could happen with a retest of our current price levels.
If things turn around, our first support will be at $130, if that is broken, then our current channel will be broken and that could signal a reversal. Our key support after that is at $124, then $120. These two will be critical to hold because if we drop back below that, we will be right back where we started before all of this. Long term support is still at about $114 which is good.
Volume has been steadily decreasing the last few hours, so make sure to keep an eye out on LTC and especially BTC. Stoch rsi on the daily and 4hr charts is nearly peaking so it is important that their is buying pressure within the next few hours if we want to continue this trend.
Check out my previous TA's in the related ideas section and please like/follow if you would like to stay up to date with the TA's I post. I will update this if any key support/resistance is broken. Have a great day everyone.
