Massive Crypto dump, LTCUSD Long play ~$40-$50
Drawing fibs from the bottom to these 3 tops shows the price clearly interacting with these support/resistance areas.But we're looking SPECIFICALLY at the 0.786 fib level. I'm going heavily long 40-41, stop loss at $38. Target around $49. Why LTC? The chart is much more simple, and LTC usually bounces well during catastrophic drops like we had today. I can easy see a 25% move from $40 to $50, but with BTC also holding at a 5.3K fib level, I cant see BTC making that same 25% move upward with the currant long/short ratio. 5.3K x 125% = 6.65k, which I see as less likely than $50 LTC. Another could play could be ETH considering the amount of shorts added today, but I feel less comfortable with it.
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.