Litecoin: BAT flying lower
Updated
I woke up this morning and saw red for the 1st time in a loooooong time... I have been taking some profits over the last few days as I really dont like it when price misses central pivots. Added to the mix in the Litecoin analysis is that price has formed up a really nice looking BAT pattern.
In this case price has made a D very close to 88.6% fib level (price $166.46) and has had a decent move lower. Where could price go from here?
I use the B C Leg to help us figure that out. The 1:1 would take us back down to $141.52 which would also see price get back down to this weeks Central Pivot (C.P, pink line) where it could find support. The 200MA is also in that area another reason to think that could be a support area.
For me I wont be looking to get long (based on what I see now, this could change) until price gets down to the 1.272 extension of the B C leg.
If I was going to getting short, I would wait for a lower high around the the $160 level and I would put my stop above the high $166.46 and my target would be the weekly C.P at $142.50 for a R:R of 2.76.
In this case price has made a D very close to 88.6% fib level (price $166.46) and has had a decent move lower. Where could price go from here?
I use the B C Leg to help us figure that out. The 1:1 would take us back down to $141.52 which would also see price get back down to this weeks Central Pivot (C.P, pink line) where it could find support. The 200MA is also in that area another reason to think that could be a support area.
For me I wont be looking to get long (based on what I see now, this could change) until price gets down to the 1.272 extension of the B C leg.
If I was going to getting short, I would wait for a lower high around the the $160 level and I would put my stop above the high $166.46 and my target would be the weekly C.P at $142.50 for a R:R of 2.76.
Note
LTC seems to have found support, lets see if it holdsNote
Another smaller BAT has formed upI love the fractal nature of these patterns :D
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