LitecoinLong
LTC - looking rough but...
The safety net is near.
Unlike BTC or Eth, LTC has fully corrected the move up.
There is little to no room to go.
Let's remember that back in 2013 LTC made a high (top of wave I in the supercyle) at 65, this shouldn't be overlap.
While going up price was following a leading diagonal, usual those correct to fib 0.5, this is a bit harsh of a correction for a wave 2, but nothing's wrong with that.
While going down, MACD and RSI have shown bullish divergence on H4 and D1
We have now something that could turn into a double bottom (volume lower on second trough, increasing buy volume on the way to the peak)
The first TL is almost broken and the second is very near.
This is a trade i'd like to take, because the risk is very little (we shouldn't go below 70 for this to work) and we can have a clear SL for the idea
What's interesting is, you'll find similar pattern in some alt, and that come with same analysis.
Unlike BTC or Eth, LTC has fully corrected the move up.
There is little to no room to go.
Let's remember that back in 2013 LTC made a high (top of wave I in the supercyle) at 65, this shouldn't be overlap.
While going up price was following a leading diagonal, usual those correct to fib 0.5, this is a bit harsh of a correction for a wave 2, but nothing's wrong with that.
While going down, MACD and RSI have shown bullish divergence on H4 and D1
We have now something that could turn into a double bottom (volume lower on second trough, increasing buy volume on the way to the peak)
The first TL is almost broken and the second is very near.
This is a trade i'd like to take, because the risk is very little (we shouldn't go below 70 for this to work) and we can have a clear SL for the idea
What's interesting is, you'll find similar pattern in some alt, and that come with same analysis.
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