Happy Tuesday Everyone!
Here is your daily dose of Technical Analysis on Litecoin (LTC) and Augur (REP)
Disclaimer: This is not financial advice
Litecoin Technical Analysis
Well honestly there's not much to say about LTC. As long as the current levels hold it would appear that we have formed a very big symmetrical triangle thats been offering both our main resistance and support tightening up over the last couple of months. We also have what appears to be an ascending triangle forming on the lower time frames but in reality I'm looking for the overall trends to break upwards or down with corresponding volume to see which way we are headed. We are still technically in a bear trend on the daily so be aware of that.
For the RSI we have the same thing happening with it tightening up in a triangle formation. Wait for that to break and the RSI to break above the 50 level for bullish confirmation.
Ichimoku doesn't look to pretty either, we have bearish signs basically all the way from the daily to the 4 hour, we have a very skinny cloud so if we move upwards watch for a kumo break on the 12h and the daily, on the 4h watch for us to enter the cloud and potentially take a range trade off that as the cloud is a fair bit thicker for the 4h.
Augur (REP) Technical Analysis
REP has been moving its way south after a nice parabolic move back in December. Since then it has retraced about 78.6 if you use the massive wick set in DEC. Normally I wouldn't but as it has since found support and started moving sideways it's at a level I'm currently interested in watching to see where it goes. It is now at a respectable level to potentially start accumulating, as always I never recommend buying all time highs, just wait for the retrace and pick them up between 61.8 - 100% retracements. We do have a bit of an overall resistance thats broken showing that the potential bear trend in REP is over, but as always be careful as a massive move by BTC can destroy momentum by alts.
The RSI is where it gets interesting, since Feb 20th on the daily we have had some bullish divergence forming by making higher lows on the RSI while making lower lows on price. This is bullish momentum so we shall see if it can continue.
For ichimoku on the daily we are kinda in no mans land, on the 12h we have just crossed Tenkan so that is a bullish sign and could be played, and on the 4h we are making progression into the kumo cloud. The 4h to me is most interesting, we have previously tested the bottom of the cloud a couple of times in the bear trend so I will want to see a candle push up and close inside the cloud on the 4h which could make for a nice breakthrough play as well.
Anyways, that's all I have for the day, as always if you guys see something I do not by all means let me know!
Congratulations @faded-gravity! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPVote for @Steemitboard as a witness to get one more award and increased upvotes!
Congratulations @faded-gravity! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!