Hello Everyone,
Looking at LTC on the 4 hour chart I have drawn out the downtrend line (major resistance) from the ATH in Dec in Purple and the uptrend line (support) from the ATL in early Feb in Green. Right now LTC sits above the .23 retrace in red which is a major support and will result in LTC continuing a downtrend for the long term if broken. Looking at the short term, the wedge forming above the green trend and .23 retrace may result in a bounce to 190 and face resistance at the red dash line. The Stoch RSI and MACD will need to cross for confirmation. I am not suggesting financial advice, I am still new to technical analysis.
-Soap
Looking at LTC on the 4 hour chart I have drawn out the downtrend line (major resistance) from the ATH in Dec in Purple and the uptrend line (support) from the ATL in early Feb in Green. Right now LTC sits above the .23 retrace in red which is a major support and will result in LTC continuing a downtrend for the long term if broken. Looking at the short term, the wedge forming above the green trend and .23 retrace may result in a bounce to 190 and face resistance at the red dash line. The Stoch RSI and MACD will need to cross for confirmation. I am not suggesting financial advice, I am still new to technical analysis.
-Soap