LTCBTC nears year-long wedge top again
In the past week, LTCBTC broke out of the wedge of which I have been speaking for a while now, but now looks to be heading toward strong resistance as it hits near a wedge that has been forming over the past year (dashed blue lines). The wedge itself has the potential to go until either summer of 2021 or even into the end of 2021 (e.g., if the small, solid-yellow trend line breaks, which some have claimed looks like a potential descending triangle pattern), but I figure it good to bring to anyone's attention who watches litecoin.
If this wedge were to break (and again, it is just an opportunity, as the wedge has potential to continue for months), the next point to watch is the long term trend which has been forming a wedge for many years. If that level ever does break upward, the potential for LTCBTC could be rather large.
The current likeliest scenario that appears supported by hidden bearish divergence on RSI (white line) looks to be in favor of LTCBTC staying in the downward trend either continuing in the wedge (dashed blue lines) or potentially continuing into the descending channel (yellow dotted lines), but the current point of resistance definitely looks to be a point of interest for anyone looking for LTC breakout possibilities.
A lot of the direction will likely dependend on the price of BTC, as a steep drop or a drastic reversal for BTC easily has the potential to sway LTCBTC in the downward direction.
If this wedge were to break (and again, it is just an opportunity, as the wedge has potential to continue for months), the next point to watch is the long term trend which has been forming a wedge for many years. If that level ever does break upward, the potential for LTCBTC could be rather large.
The current likeliest scenario that appears supported by hidden bearish divergence on RSI (white line) looks to be in favor of LTCBTC staying in the downward trend either continuing in the wedge (dashed blue lines) or potentially continuing into the descending channel (yellow dotted lines), but the current point of resistance definitely looks to be a point of interest for anyone looking for LTC breakout possibilities.
A lot of the direction will likely dependend on the price of BTC, as a steep drop or a drastic reversal for BTC easily has the potential to sway LTCBTC in the downward direction.
Penafian
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