LTC Daily BULL FLAG published 4/8/19

8 Nis 2019

On the LTC daily we have overbought 76 RSI and what looks to be a downward sloping resistance. The moving averages are diverging quickly. We are still solidly in an uptrend for the 12, 26, 50 MA and the 200 is just starting to curve up. This is a very good sign that we are changing the trend from bearish to bullish long term but odds are in favor of consolidation before we make another move up. The pattern on the chart could be a HUGE bull flag ascending triangle but RSI, historical trends, previous price action in this range and how far we ran up all point to a pull back in the near term. The only things I see that could break this pattern bullish in the near term are market sentiment and news (these are positive forces right now). We can also see that the 4 hr and 1 hr charts will be tightening range equilibriums by looking at the pattern on the daily. Two last things stand out to me on the daily; declining volume and lack of support but increasing resistance near the 100 mark. 100 in getting harder to break.