Price has dropped pretty dramatically since ~March 20 at the $180 level (point a)
3 downward waves completed (point 5), suggesting a possible ABC correction, which we are now about to begin a move upward (point b to point c).
Key support level from March 19th was $138, if we fall below $136, then this may fail.
Other Indicators suggesting reversal is coming:
- RSI is bouncing on the 30 level
- ADX is still trending up, but is losing momentum. Looking at the 1h chart, ADX suggests the downward trend is not strong anymore.
- -DI is falling back down
Target: $180-190 zone, within 6 days - or April 3rd.
I write these ideas, so I have a record of my analysis.
Disclosure: I am holding LTC at $174.50 :(
3 downward waves completed (point 5), suggesting a possible ABC correction, which we are now about to begin a move upward (point b to point c).
Key support level from March 19th was $138, if we fall below $136, then this may fail.
Other Indicators suggesting reversal is coming:
- RSI is bouncing on the 30 level
- ADX is still trending up, but is losing momentum. Looking at the 1h chart, ADX suggests the downward trend is not strong anymore.
- -DI is falling back down
Target: $180-190 zone, within 6 days - or April 3rd.
I write these ideas, so I have a record of my analysis.
Disclosure: I am holding LTC at $174.50 :(
Note
Big time fail here.
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.
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.