TA over March bullish trend poses great challenges for the LTCBTC pair.
To take advantage of possible rally continuation, trends before February will be omited in this post.
There is an uptrend channel formed in the weekly chart for the last 19 bars, and a downtrend in the last 5 bars withstrong support in the $37-$40 region.
This is the last week of the triangle pattern. If downtrend is broken, immediate TP zone can be drawn with both the pattern and the 0.618 Fibonacci Extension at $60.
Alltime high poses biggest resistance at $55.47, though.
RSI sits on the lowest level since the rally, based on |14,OHLC4|. I would fell more confortable going long with RSI at least close to 50, which could be achieved with a dramatic downturn or within 6 weeks.
Volume has been decreasing steadly too as in the BTC market. Volume should pick up after 8/2.
A Head&Shoulders pattern could be seen on the daily chart, if pattern is broken, a long order over last week high should be fine over $45.8
WNZ
Free updates and analysis of the cryptocurrency market: t.me/ZeddmoTrading
To take advantage of possible rally continuation, trends before February will be omited in this post.
There is an uptrend channel formed in the weekly chart for the last 19 bars, and a downtrend in the last 5 bars withstrong support in the $37-$40 region.
This is the last week of the triangle pattern. If downtrend is broken, immediate TP zone can be drawn with both the pattern and the 0.618 Fibonacci Extension at $60.
Alltime high poses biggest resistance at $55.47, though.
RSI sits on the lowest level since the rally, based on |14,OHLC4|. I would fell more confortable going long with RSI at least close to 50, which could be achieved with a dramatic downturn or within 6 weeks.
Volume has been decreasing steadly too as in the BTC market. Volume should pick up after 8/2.
A Head&Shoulders pattern could be seen on the daily chart, if pattern is broken, a long order over last week high should be fine over $45.8
WNZ
Free updates and analysis of the cryptocurrency market: t.me/ZeddmoTrading