LTC triangles
LTC price action goes through descending triangles. Every triangle takes longer to play out (lengthening cycles)
First triangle was from mid 2017 to beginning of 2019. (yellow triangle)
Second triangle from beginning 2019 to 2021. (orange triangle)
Third triangle took from 2021 till 2024. (red triangle)
The base of every next triangle is set at the last upper touching point of previous triangle (last candle that touched resistance before breakout).
Bullrun after breakout from red triangle was rejected for now by green line, which has been important level since 2018 (app. 100 EUR). It also coincides with the last touch point before breakout from red triangle. This green line is very important level LTC needs to break before it can go into bullrun mode.
Stoch RSI on the monthly is below 20, curving towards the upside. And RSI on LTCBTC chart has been creating higher lows since January this year while price action has been making lower lows (bullish divergence).
Could this be the much needed push?
First triangle was from mid 2017 to beginning of 2019. (yellow triangle)
Second triangle from beginning 2019 to 2021. (orange triangle)
Third triangle took from 2021 till 2024. (red triangle)
The base of every next triangle is set at the last upper touching point of previous triangle (last candle that touched resistance before breakout).
Bullrun after breakout from red triangle was rejected for now by green line, which has been important level since 2018 (app. 100 EUR). It also coincides with the last touch point before breakout from red triangle. This green line is very important level LTC needs to break before it can go into bullrun mode.
Stoch RSI on the monthly is below 20, curving towards the upside. And RSI on LTCBTC chart has been creating higher lows since January this year while price action has been making lower lows (bullish divergence).
Could this be the much needed push?
Penafian
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