$LTC Approaching BLUE SKY BREAKOUT (What to watch!) $BTC $XRP
LTC usually positively correlated to BTC but a laggard looks like it'll hitch a ride on this current wave that BTC is experience. So I would be paying more attention to BTC here to gauge LTC's potential and so far both BTC and LTC are giving many signs.
LTC here is nearing it's own breakout point as the arrow points to the last line of resistance. If LTC can get a 4 hour close above that resistance trendline I would expect new ATH on the next run. Fib extensions put us around 550 area but keep in mind this is just a ballpark estimate.
Indicators
1. RSI - Currently trending up
2. OBV - Bullish divergence and trending upwards
3. MACD - Crossing bullish on smaller time frames
4. BBands - 4 hour trading outside of the BBands indicating massive strength
**Most importantly** Volume on the last spike up above the former resistance trend line, now turned support, has a massive volume spike, this indicates momentum and validates this current movement.
Failure - A 4 hour close below the prior spike low of this consolidation period would likely indicate a reversal on the trend.
Also, keep in mind BTC is now nearing full on breakout levels, with a 4 hour close above the former left shoulder on the long frame of about 17.5k I would expect a new ATH run
Not financial advice.
LTC here is nearing it's own breakout point as the arrow points to the last line of resistance. If LTC can get a 4 hour close above that resistance trendline I would expect new ATH on the next run. Fib extensions put us around 550 area but keep in mind this is just a ballpark estimate.
Indicators
1. RSI - Currently trending up
2. OBV - Bullish divergence and trending upwards
3. MACD - Crossing bullish on smaller time frames
4. BBands - 4 hour trading outside of the BBands indicating massive strength
**Most importantly** Volume on the last spike up above the former resistance trend line, now turned support, has a massive volume spike, this indicates momentum and validates this current movement.
Failure - A 4 hour close below the prior spike low of this consolidation period would likely indicate a reversal on the trend.
Also, keep in mind BTC is now nearing full on breakout levels, with a 4 hour close above the former left shoulder on the long frame of about 17.5k I would expect a new ATH run
Not financial advice.
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