LTC is in consolidation mode, forming lower highs and slightly lower lows inside a falling wedge pattern.
Is LTC/USD a buy or a sell?
Price is testing the bottom of the wedge, trying to decide whether to make a bounce or a break.
The moving averages appear to be going for a bearish crossover to signal a likely breakdown. If that’s the case, LTC could tumble by the same height as the wedge pattern.
Size of the wedge pattern: ~ 80 Units
On the other hand, Stochastic turning higher from the oversold region could reflect a pickup in bullish pressure, which could be followed by a bounce back to the wedge resistance.
Is LTC/USD a buy or a sell?
Price is testing the bottom of the wedge, trying to decide whether to make a bounce or a break.
The moving averages appear to be going for a bearish crossover to signal a likely breakdown. If that’s the case, LTC could tumble by the same height as the wedge pattern.
Size of the wedge pattern: ~ 80 Units
On the other hand, Stochastic turning higher from the oversold region could reflect a pickup in bullish pressure, which could be followed by a bounce back to the wedge resistance.