RSI: is neither overbought or oversold. It is currently trending up. I think this is a bullish indication
Stoch RSI: is on its way down. K at 39. It may come down a little bit more further pushing the price down (hopefully enabling our entry point).
Bollinger Bands: We went to the top of the band, made a correction and have been moving laterally. This is also a good bullish indication signaling there is a good probability we will continue with the current trend.
EMAs: 12 has crossed EMA 26 and 50. Price currently moving on top of EMA 12. Movement on the averages has been mostly lateral. This is the short term price consolidation.
Awesome Indicator: Indicator on the bearish side. I am using the rest of the indicators to interpret this as price consolidation.
Volume: Volume has not been above MA 26 which is disappointing, but it has not been low either. This would signal consolidation. If volume was high we would be on a breakout already.
Renko: We have now 3 green bricks trending up. In most instances after trending 3 bricks, there is at least a 4th one on our way (not always but most of the time)
Renko RSI/Stock RSI: Both indicators are exiting oversold conditions. This supports further movement in the up direction.
Stop Loss:
$33.35 - Pretty tight since I am not sure we are about to have a more aggressive correction after LTC rebounded nicely..
Target:
$35.88 (+5.7%) - I am using the previous 4 hour high as target. May consider taking profit before or at a minimum setting a sliding stop loss. Will likely monitor this throughout the night...I bet you do the same too!
Alarms:
None at the moment.
Conclusion:
Entering the train. I am using the 15 min chart to find my entry point. I basically do the same analysis in the 15 min chart to determine when it is time to enter. I have also looked at the day chart for a longer term indication. If you look in the daily chart you will see that down rallies usually last about 20 days...then there is a lateral move and a trend towards the middle of the band (on the day). All of this makes me believe there is still room to go up. This is somewhat a risky trade so my stop loss is tight.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**
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