somanystreams

What was once resistance now support?

BITFINEX:LTCUSD   莱特币/美元
On the 4 hr             chart, LTC broke through the lower resistance line. it had a short bull run only to retrace back to that line, which appears to have now become support, which is usually the case. We still haven't broken through the major downtrend resistance line and therefor the bears are still in control of the market. Until we break free of that upper resistance line, we will continue this downward trend. We're not seeing a lot of volume yet, as there's still way too much uncertainty in the market. We've also had a bear reversal on the MACD . So, combined with low volume and a bear reversal on the MACD , we could see LTC follow that support line down further. At the moment, LTC is teasing with a nice bull bounce off that, now support line and the MACD is teasing with another bull reversal. Let's keep a close eye on this and see what happens. But as of yet, I'm not seeing a lot of signs pointing to a strong bull run that could break us through that upper resistance.
Good luck out there.
This is NOT financial advice!
I'm just a guy reading tea leaves. ;)
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