Last week wasgoed particularly significant for LTC bulls because of that confirmatory bullish candlestick after that bounce from the trend defining 20 period Moe.
Spil noted, the 20 Period Mama and candlestick patterns have all combined to ensure that LTC prices proceed appreciating. By closing at $71 and testing highs of $73, last week&rsquo,s candlestick managed to pauze and close above the most latest highs of $Sixty-nine last recorded on week ending October 9. This wasgoed significant mainly from a Fibonacci interpretation point.
By LTC prices closing at $71, it meant that prices corrected 60% after bouncing back from the 20 period Moeder with a long lower wick spil shown by week ending September 11 candlestick. With current LTC price act, prices have recovered 100% following that single $38 druppel by week ending September 11. Besides that, notice its Hi-Lo acted spil upper and lower thresholds for LTC prices for 9 good weeks. Because there is a stochastics buy signal, it is likely that that LTC request shall proceed to increase te the coming weeks.
Te the daily chart, the resistance trend line of our minor wedge wasgoed cracked and it actually acted spil support on November 17 before LTC continued with its appreciation. However, the long term resistance-previous support trend line will momentarily act spil our price ceiling.
Reminisce that before that pauze below on September 14, this trend line defined price act which wasgoed bullish then. The bear pauze out wasgoed undoubtedly definitive and meant that there wasgoed a recalibration of prices.
From price activity behavior, wij can tell that wij had a retest on October 16. It is imperative for LTC bulls to wait and see how prices will end up today lest they buy at tops. If prices bounce back then this trend line will act spil a relevant price cap and accomplish another reversal from this resistance trend line.
Despite the minor bear divergence last week, LTC price activity managed to close above the $12 horizontal channel after sustained request. Our next bull target is $74 which is another level of support and resistance last tested on September Two and 8.
If there is a reaction at or near that level with a bear candle and a stochastic sell signal, then LTC bears should look to sell because spil wij have seen ter the daily chart, those prices will be at the main resistance-previous support trend line. Reversal from that level will also be a confirmation of another tops and bounce from resistance trend line.