LTC has given us 4 opportunities to CASH OUT at the TOP of ascending trendline. Usually, higher highs means the price is going UP, but this trendline has become resistance, and this drop, once realized will be the largest drop we've seen since November 24th, 2020. LTC has printed 4 perfectly placed sell points, and there will likely NOT be a fifth opportunity to CASH OUT.
We could see a 30% correction from here to 130 which lines up nicely with the 0.5 fibonacci sequence.
We could see a 30% correction from here to 130 which lines up nicely with the 0.5 fibonacci sequence.
Trade closed: target reached
Target hit in a single 30 minute candleNote
Past bull markets serve as valuable guidance, and pattern recognition can help you try to understand what comes next. The end of a bull market for LTC historically exhibits a large selloff to the .5 fibonacci of the run, followed by a retest of the prior high. The current retracement has reached the .5 fibonacci, and could begin a retest of the previous high.
LTC should first retest 155 (.5 of this retracement) and if successful, LTC would then retest the peak of the bull run.
If either retest fails, the price should fall to lower levels of the fibonacci (115, 95, and 70)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.