Short

LTC - Expecting a 10% drop after bear flag breaks down

Updated

The bearFlag 2 breakdown will take us to $40+ and the golden zone (0.618) which is a good reversal area

Note

The consolidation turned out to be a triangle, common for a 4th wave. Also triangles are usually a continuation pattern and precede a final move of the trend (here downwards)
Confirmation: < $53
Invalidation: > $59
Targets: 45-40

Note

Turns out the bear flag was the correct assumption, also the movement within as an ABC (green lines) was A:C = 1:1. Bearish bias remains unchanged

Trade closed: target reached

We hit the target zone, which is 0.618 Fib zone and bounced hard. Daily RSI is above 50

imkeshav

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