LTC 1hr for the traders looking for an entry. Published 4/8/19

Finally our hourly for all the traders out there. We are clearly trying to hold the support of this equilibrium at 87.04 but we have tested this 5times and broke it 3 times definitely if you ignore the initial volatility within about 12 hours of the initial peak. Our RSI is pushing oversold and there is a strong case for accumulation between 35 and 30 rsi as we have held 30 RSI on the hrly since March 21st. Unless there is some kind of bad news I don’t expect us to break this trend as we consolidate in this triangle. Volume is nonexistent and wicks have gotten very short. MacD is curling up to try and go short term bullish again but it seems likely we will bounce off the 26 MA and move into the next range down at 84.19 to 87.04 (green box). Support under this is WEAK so my gut is telling me that we will wick into the yellow box range of 77.59 to 80.91 bouncing the RSI off 30 when we do but this may not be for a few days as we have plenty of room left under our sloping resistance.
I will be focusing on volume and RSI over the next few days. 35 or less on the 1 hr RSI will have me looking for a short term entry. Pushing down to 78-77.50 would have me considering long positions if we don’t have some crazy bad news catalyst.

Commentaire:

Bounced off the 26MA just as expected.