On the , you can see that there has been a weak crossover, and the has fallen below the zero line, which is a technical sell signal. However, I wouldn't read into it too much, unless we see a continuation below the 61.8% retrace, and the 181.80 level especially. Looking at the current candle, we appear to be printing a nice little , and price is back above the 200 , so we could find support around here.
If you remember from a few posts ago, I highlighted how the left shoulder, the head, and the right shoulder, all appear to have generally ascending lows. The fact that we may be finding support around here, would keep that rough trend in place. Overall, the pattern is still valid, and in the midst of development. However, keep an eye on the downside risk, in case LTC begins to roll over. On the upside, a confirmation above the 50% retrace, at about 228.15, would be very . This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
If it heads down toward $180, I expect to see some panic selling (after a quick bounce). So... I'd Be mindful of any Bull traps.
Clearly, the $200 buy wall was a fake out. And without any new positive headlines, I don't think there will be enough buy volume to keep LTC afloat to surge back up to the $230 region (let alone $250). Although I'm bullish mid to long-term, I think the Bears are ready to swat this down in the short term.
That said, the Bulls will likely pick up the pace Sub $180 (more like $150ish). That's where the action will (hopefully) take place, and should provide a worthwhile bounce, IMO.
On the other hand, if that fails, we're going to head downward some more... sub $120. (Certainly a possibility.)
Time will tell.
You just have to think the bull run of December has to go down again.
I think we're still in a correction. If you draw lines from the top of the mountain, you'll see you can draw parallel lines (support and resistance).
Also, take a look at the volume. It's not that high to break the previous downtrend channel.
I can't upload images here, but I think you'll be able to draw them and see what I mean.
If not tripple bottom, under $107.
But it's good news. New opportunities for the future, since you'll buy more LTac with the same amount of money.
I sold all my LTC and I haven't traded even in the dips. Too risky.
Sorry, English is not my mother tongue and I don't get some of your ideas.
I just want to point out that channels are inside bigger ones and there are periods in which cryptos (and other products) go up, and others, down, to go up again.
That said, maybe it touched a big resistance and it's headed to a lower support.
I don't know where ir is because I haven't drawn these lines, but who knows, maybe it takes a year to go down and when the support line is touched, back up again to break the hard resistance.