Well, LTC was looking good for a breakout until it's recent drop below the rising support line.
We had an ascending triangle that was showing promise for a real breakout that has now had its support compromised.
The horizontal resistance line (in red) has continued to hold up since 9/16 and now we have a new resistance that was once our support on the ascending trendline.
In addition we have another horizontal resistance line (in blue) that was once a support since around 8/30. So we have 3 resistances to break through before we can assume a bullish trend close to our previous highs. The upward trend line that has now become a resistance, the horizontal resistance at around $57 USD (in red) , and another horizontal resistance (once support) at around $62 USD (in blue).
These are not unreasonable to break out of, but the two horizontal resistances have shown to be major support and resistance within the last month of movement.
If we can manage to break through and follow through on volume through these resistances, we could possibly see a rapid run close to the previous highs we were seeing.
These are just my opinions and observations and should not be taken as anything but that. So be careful and make wise careful decisions. May the odds be forever in your favor.
We had an ascending triangle that was showing promise for a real breakout that has now had its support compromised.
The horizontal resistance line (in red) has continued to hold up since 9/16 and now we have a new resistance that was once our support on the ascending trendline.
In addition we have another horizontal resistance line (in blue) that was once a support since around 8/30. So we have 3 resistances to break through before we can assume a bullish trend close to our previous highs. The upward trend line that has now become a resistance, the horizontal resistance at around $57 USD (in red) , and another horizontal resistance (once support) at around $62 USD (in blue).
These are not unreasonable to break out of, but the two horizontal resistances have shown to be major support and resistance within the last month of movement.
If we can manage to break through and follow through on volume through these resistances, we could possibly see a rapid run close to the previous highs we were seeing.
These are just my opinions and observations and should not be taken as anything but that. So be careful and make wise careful decisions. May the odds be forever in your favor.