LTC/BTC Price Analysis: Daily M-formation's neckline in focus
- Bulls are in control following a correction to the upside from support.
- The daily M-formation is a compelling stricture that could pull in price for a restest of resistance.
The price is establishing on the downside and the focus shifts to the upside. Bulls can target a bullish structure's neckline from the daily chart as follows:
Daily chart
The daily M formation is a bullish pattern and the neckline of the structure would be expected to be retested.
An optimal entry point in bullish conditions can be looked for from a lower time frame, such as the hourly chart.
Hourly chart
-637502421368196819.png)
Bulls are testing the commitments of the bears and have moved above the 21 moving average into bullish territory.
An extension to the neckline is on the cards at this juncture on a restest of support and subsequently holding.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
