Why I think 170 is next heavy resistance and why it wont matter
Kinda the same as my last few charts, but with today's volume based primarily on SEC news, LTC price has a lot of good things going for it.
Now, while this is a technical analysis, the reasons behind it are mostly fundamental.
Resistance lines drawn at ~170$, based on downward channel. RSI is nowhere near overbought, and we're already blowing up toward 170. MACD daily shows a potential silver lining in bullish momentum.
The Volume on the daily chart is what is absolutely necessary. Nothing but bear vol. all month. But today with the SEC news we are getting it, and if a break out occurs... oh man. Always cautious and never overconfident though.
Now here's why I think we'll have no problem breaking out of this bearish channel soon. May not be today, could be tomorrow, could be next week. In the long run it doesn't matter, because it's going up eventually. The SEC news isn't "just news." It's an answer to many speculators who haven't bought into any cryptocurrencies yet, and to more who already have. The looming question that has brought DOZENS OF FUD CYCLES before (China, India, Korea... remember?...), "What happens if my cryptocurrencies get banned, and a selloff occurs?" Those cycles were in the last half of 2017 and beginning of 2018 only. My friends, I think this showed many people in crypto, old and new, that cryptos are not going anywhere soon.
Now, while this is a technical analysis, the reasons behind it are mostly fundamental.
Resistance lines drawn at ~170$, based on downward channel. RSI is nowhere near overbought, and we're already blowing up toward 170. MACD daily shows a potential silver lining in bullish momentum.
The Volume on the daily chart is what is absolutely necessary. Nothing but bear vol. all month. But today with the SEC news we are getting it, and if a break out occurs... oh man. Always cautious and never overconfident though.
Now here's why I think we'll have no problem breaking out of this bearish channel soon. May not be today, could be tomorrow, could be next week. In the long run it doesn't matter, because it's going up eventually. The SEC news isn't "just news." It's an answer to many speculators who haven't bought into any cryptocurrencies yet, and to more who already have. The looming question that has brought DOZENS OF FUD CYCLES before (China, India, Korea... remember?...), "What happens if my cryptocurrencies get banned, and a selloff occurs?" Those cycles were in the last half of 2017 and beginning of 2018 only. My friends, I think this showed many people in crypto, old and new, that cryptos are not going anywhere soon.
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