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LTCUSD

The fork snapshot is done and as anticipated the ALT coins were winners especially in their BTC pairings. We noted that it was critical for BTC to hold the 5700s level yesterday and it has thus far failed to do so as markets resume, business as usual. The alternative trade recommendation to BTC including looking into the alt coins ETH XMR LTC ZEC etc, following market cap. Today we are going to look at LTC as we have been tracking it in a relatively tight channel watching for tests of a trendline as the price works to reclaim a historical support line. Daily On the daily time frame we can see LTC working through a tight channel where the price found support off of a trendline that was drawn on recent price action. Bulls are watching for LTCUSD to reclaim that blue trendline, a historical trendline from when LTC was single digits. The stochastic RSI on the daily time frame is just beginning to push higher from its downtrend status but has failed to show us real strength as the price found resistance at and above the 30ema and is currently resting on the 68ema. The MACD appears close to a bull cross and with some volume it is possible to continue this narrow range of higher highs and higher lows. The ultimate goal is to reach and reclaim the daily pivot as support before breaking back above that blue trendline. The RSI is resting in a comfortably neutral position and so bulls should be on the lookout for more volume to come in and support the price, however, if BTCUSD falls to fast it could drag alt coins with it generally. ![Screenshot 2017-10-24 19.59.28.png](https://steemitimages.com/DQmUpB95VWD1ARquVKPQeSZVBBAfxZsrAB9m9K5ZBZYx9Pp/Screenshot%202017-10-24%2019.59.28.png) 4 hour On the 4 hour time frame LTCUSD found support at the 170dma so far however resistance was not far off at the 340dma (purple line) and it looks as though a retest of trendline support is likely. It will be critical for this trendline to hold if the 170dma becomes a resistance here. The RSI took a pretty sharp curve downwards as the MACD is in a tightening pattern just above the zero line. The stochastic RSI curled upwards with the recent overnight price action and bulls would look for continued momentum to push the price above the 4 hour pivot and 340dma for price consolidation before moving higher. ![Screenshot 2017-10-24 19.59.41.png](https://steemitimages.com/DQmamXeCHsxFuoqhndifR2ezZ2mawYdYfox8X4ZhvbcSc3Q/Screenshot%202017-10-24%2019.59.41.png) 1 hour The 1 hour time frame is conflicting with the 4 hour and shows support is found at the 680dma but is forming a possible bear flag with the 170dma crossing below the 340dma and the 30ema and 68ema converged very tightly but forming a bearish cross. The MACD is curling downwards as a bearish cross occurred on the STOCHASTIC RSI at the top of its trend and could move lower for some time without killing the price. Traders should look for a retest of the lower trendline if the 680dma doesn't hold on this time frame, as a good dip buying opportunity ![Screenshot 2017-10-24 19.59.49.png](https://steemitimages.com/DQmNcdp8VGHTZ4kKC1EN62XnHjB6dg11a8XPGfTGhzGyPGX/Screenshot%202017-10-24%2019.59.49.png) Bullish Above: $60 for a test of TL $61.75 ... very bullish above trendline. Bearish Below: $50 for a test of lowest blue trendline on daily approximately $45 RISK TRADE: accumulate a long position until test of red trendline, set stop losses and close otu if price loses $50 pivot support and psychological. >>>Don't forget to use stop losses!!! Previous Articles: BTCUSD ETHUSD BTCUSD LTCUSD XMRUSD ETHUSD BTCUSD DASHUSD ZECUSD **Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.** ![chartslegend.png](https://steemitimages.com/DQmbmPWTMUHKp2T9RqiNY89PR5LbyFEfw5VfWJm5Hv6XS69/chartslegend.png)