It’s just an idea, so don’t trade according to what I think will happen. I’m not responsible of your actions, but if you earn money, I want the 50% of your earnings. ;)
Alright, I can see an ABC downtrend pattern that will dump LTC very deeply. As you can see, there’s been a triangle (in blue) that has been broken after the ABC bounces.
There’s a red channel following the same pattern, but since it’s a channel and not a triangle, it may bounce one more time to complete the ABCD pattern before going down.
Another possibility could be it’s completing the ABCDE pattern, in which case, it would go up again after going to maybe $40 - $50?
Time will tell us.
Trade carefully.
;)
Alright, I can see an ABC downtrend pattern that will dump LTC very deeply. As you can see, there’s been a triangle (in blue) that has been broken after the ABC bounces.
There’s a red channel following the same pattern, but since it’s a channel and not a triangle, it may bounce one more time to complete the ABCD pattern before going down.
Another possibility could be it’s completing the ABCDE pattern, in which case, it would go up again after going to maybe $40 - $50?
Time will tell us.
Trade carefully.
;)
Note
The analysis is still valid.After breaking the support (in blue), you can see LTC is forming a bearish triangle, what will drop the price of the coin. It’s just a pause during a downtrend.
Note
After some research, here I have the same idea with the unexpected pump.
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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.