The LTCBTC weekly chart is confirming the strength that we have been discussing on the shorter-term charts for awhile given a bright green SCMR signal has emerged on a bullish candle formation while market structure improves drastically and strong dynamic support continues to build below the market, all good news for the bulls moving forward. We can also see that the EMA's are now bullish and are starting to pick up steam to the upside, the 100 and 200 SMA's remain encouraging above the market, the volume indications continue to be supportive, and there is still some room to run higher in the momentum oscillators, all suggesting that a continuation up to at least the 0.0xx level is likely in the near future. That said, the falling 50 SMA and the bearish Ichimoku Cloud are likely to put a stop to the rally before 0.0xx is tested which is why we would be sellers of a move above 0.0xx over the coming days.
We will consider a LONG position on a retracement back down to the 0.00xx - 0.00xx area with a stop around the 0.00xx level and a target of 0.0xx.
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