LitecoinShort
Litecoin is not being shy about it's Bearish attitude
Good evening everyone.
Had someone ask for me to take a look at Litecoin so here you go.
For starters this whole structure looks extremely bearish. As you can see from the chart above we can see a clear ABC correction with good subdivision that has come down in 5 waves. Yesterdays move down is a very clean 5 wave structure that doesn't leave much room for it to be anything else at this point. Alright so where is it going?
Well I've had a target in mind for a couple months now and it is looking like a probability at this point.
I have the same count on ETH and Bitcoin as a WXYXZ correction. If that is the correct count I could see Litecoin completing it's correction in the $60 area.
Projecting an A wave completion in the mid $90 gives a C wave target in the high $50 low $60 area.
Still a little early to say for sure but this seems like a likely scenario for June. Should be able to tighten up those targets as the waves unfold.
I will not be trading this short opportunity as I'm unable to short this coin but I will be looking to go long if we see price action in the $60 area.
Thanks for taking a look, these are my ideas for my trades and should not be considered advice for your trading strategies. Any feedback is always welcome. Prosperous trading everyone.
Had someone ask for me to take a look at Litecoin so here you go.
For starters this whole structure looks extremely bearish. As you can see from the chart above we can see a clear ABC correction with good subdivision that has come down in 5 waves. Yesterdays move down is a very clean 5 wave structure that doesn't leave much room for it to be anything else at this point. Alright so where is it going?
Well I've had a target in mind for a couple months now and it is looking like a probability at this point.
I have the same count on ETH and Bitcoin as a WXYXZ correction. If that is the correct count I could see Litecoin completing it's correction in the $60 area.
Projecting an A wave completion in the mid $90 gives a C wave target in the high $50 low $60 area.
Still a little early to say for sure but this seems like a likely scenario for June. Should be able to tighten up those targets as the waves unfold.
I will not be trading this short opportunity as I'm unable to short this coin but I will be looking to go long if we see price action in the $60 area.
Thanks for taking a look, these are my ideas for my trades and should not be considered advice for your trading strategies. Any feedback is always welcome. Prosperous trading everyone.
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