LTC/EUR - First signals to start correction
Updated
On a daily timetable, the MACD has a triple divergence, but we still have to remember that the indicators are late for the market price.
At the beginning of consolidation, consideration should be given to adding to current positions.
If we look at the latest price movement from 58.0E to 128.0E, the good entry level is 50% FIBO - 94E. This entry point level is applies to the H4 timeframe.
In the daily timeframe the entry point is around the level of 75.62E.
If LTC/EUR has make a lesser adjustment, the entry point is in the range 103-108E
NB: The levels used should be considered as zones!
At the beginning of consolidation, consideration should be given to adding to current positions.
If we look at the latest price movement from 58.0E to 128.0E, the good entry level is 50% FIBO - 94E. This entry point level is applies to the H4 timeframe.
In the daily timeframe the entry point is around the level of 75.62E.
If LTC/EUR has make a lesser adjustment, the entry point is in the range 103-108E
NB: The levels used should be considered as zones!
Note
LTC/EUR entered correction and tested 50% FIBO (level 94.4).The previous support area (102-107 - 61.8% FIBO) did not have a strong price support and was broken without any particular problems.
In the next few days I expect a horizontal adjustment in the 50% to 78.6 FIBO area (94 - 110E) before we see a clear signal for next level testing.
If the price closes on a daily timeframe below 50% FIBO, then we can expect a deeper adjustment to 23.6% FIBO
NB: This is not a trade recommendation, just an idea!
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