Short

LTC - Do or Die

Updated

Good morning traders, last week I brought you the LTC to 250 breakout and the LTC to 291 charts, both of those charts were within $1.90 accuracy. At this point, I have exited LTC and currently sitting on the sidelines. With BTC downtrending we should see a further downside to LTC as it has broken the uptrend channel.

Key Notes:

Look for a bounce at the highlighted green areas, the top zone is already breaking down, however we could see a bounce off the long term downtrend line. All of this could change at a moments notice so if this chart receives 15 likes I will continue to update it throughout the day.

Note

It's important to note that we may see a bounce at the current support levels because we are currently extremely oversold, LTC will then need to re-fight to get back into the previous uptrend, I would wait for multiple hour closes before re-purchasing, trade with caution.

Note

Had a hard spring off 0.5 fib, current down trend is now well defined. Look for a break above the new downtrend line, otherwise look for another buy opportunity @ the 0.5 fib or the lower level of 0.618. We should start seeing more candles closing lower which will make at the very least a spring test of the 210-220 zone likely as we just saw with the 0.5 fib level.

I believe both BTC and LTC will be seeing more correction in the next 6-12 hours, the depth of the BTC correction will obviously have an impact on LTC and I will update as the situation develops.

Note

Both BTC and LTC (go figure) are currently looking at possible Gartley formations on the Day chart, if we manage to break above 263.50 for the day this should be invalidated. I'm personally observing closely, and if we manage to break 263.50 we have a good opportunity to go back to the mid 270's.

If the Gartley formation turns out to be true, we can be seeing a possible opportunity to rebuy back in the mid 180's. As usual, we're extremely tied to the hip with BTC, so chances are if BTC's Gartley forms, ours will as well.

I am currently not in the market, and will be watching closely over the next day to see how this plays out.

Note

The titanic is going down, and unfortunately we're a life raft tied to it. Look for entries from 180-232, sorry I can't be more specific, but it all depends on where BTC goes, and whether or not the head and shoulders that is forming is validated or not.

Best of luck to all of you.

ant187

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