LTCBTC MACRO SUPPORT BROKEN?!?! POTENTIALLY NEW ATL'S IMMINENT!
Updated
Things are looking VERY bearish for LTCBTC at this moment, with BTC having its pre-halving rally yesterday we have seen LTCBTC break its macro HTF Major support level at 5500. Looking left we have only ever broken & closed below 5500 SAT's on the weekly TF once in the history of LTC
If confirmed on the weekly TF, LTC may be looking to fall back further into the dirt potentially testing weekly order block between 3700->2800 SAT's
Previous prediction of LTCBTC bouncing off major support unfortunately did not play out. So looking at the next plays, once major support at 5500 is confirmed to be broken I will be looking for short opportunities once we retest that level of 5500 SAT's & confirm it to be new macro resistance.
Taking into consideration all possible indicators, although we have bullish divergence on CCI on 4HR TF, this data is potentially useless as it would be pending BTC's movement. Looking at past data any volatility from BTC in either direction usually means alts take a dumping.
Will be updating this chart once 5500 SAT is confirmed to be broken,
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If confirmed on the weekly TF, LTC may be looking to fall back further into the dirt potentially testing weekly order block between 3700->2800 SAT's
Previous prediction of LTCBTC bouncing off major support unfortunately did not play out. So looking at the next plays, once major support at 5500 is confirmed to be broken I will be looking for short opportunities once we retest that level of 5500 SAT's & confirm it to be new macro resistance.
Taking into consideration all possible indicators, although we have bullish divergence on CCI on 4HR TF, this data is potentially useless as it would be pending BTC's movement. Looking at past data any volatility from BTC in either direction usually means alts take a dumping.
Will be updating this chart once 5500 SAT is confirmed to be broken,
LEARN TA! At MBA we teach technical analysis from the basics up, learn to trade with our veteran traders with a community of 200+ other traders;
Link in profile description!
Trade active
PERFECT entry at the 5500 major resistance, 4HR wicks had very strong rejections.However over the weekend we did have very weak bearish movement, even though we had strong rejection at the 5500 major resistance the bears didn't follow by creating a LL over the weekend.
Because a LL didnt form we are currently in a HL - LH trajectory, I have placed stops into profit at 5475 at last wick since I don't have 100% confidence in the bears at this current point in time.
Trade active
Wow !! Congrats to anyone who has been following ! I have been away from the charts for a few days & is amazing to come back to a winning trade!I have taken 50% profits at 4700 level to take margins off the trade, SL has been moved further into profit at 4950
Manage your trades ! Crypto is super volatile & things can change in an instant.
Trade closed: stop reached
SL was hit when all the alts had a sharp recovery ! Oh well hit in profit that was well over 100% in profit ! Will be looking for new LTCBTC opportunities as markets settle from the BTC movement
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