$LTC Needs 3 Weeks
Updated
I see a cup and handle-ish pattern considering there is a resistance level and it got its rejections from that level.
Fibonacci 0.618 level is at a meaningful spot
LTC is indeed in a ascending channel at the moment with its lower highs
The market is going well. pull backs are expected. I am not worried as long as it breaks the resistance level.
I see this as a good opportunity to place a position
The more confirmation I get, the more confident I will be
After a legit breakout my first TP is 81.05, and my second TP is 94.02
I do not expect a strong run to upper resistance level that's located at 103.24; however, I would aim it after a retracement.
What matters is the market at this very point, not the coin itself, so this idea would be invalid if the market isn't being nice. Technically speaking. get the joke? (side tony soprano smile)
as always, not a financial advice
duh
Fibonacci 0.618 level is at a meaningful spot
LTC is indeed in a ascending channel at the moment with its lower highs
The market is going well. pull backs are expected. I am not worried as long as it breaks the resistance level.
I see this as a good opportunity to place a position
The more confirmation I get, the more confident I will be
After a legit breakout my first TP is 81.05, and my second TP is 94.02
I do not expect a strong run to upper resistance level that's located at 103.24; however, I would aim it after a retracement.
What matters is the market at this very point, not the coin itself, so this idea would be invalid if the market isn't being nice. Technically speaking. get the joke? (side tony soprano smile)
as always, not a financial advice
duh
Note
price broke the resistance level and hit over $77. i am still not in position because i want to see a correction. if it can test $75 line as a new support line and bounce, that wıll bring me a lot of confidence. then the only 2 things i will be analyzing is going to be the candlesticks and the volume. of course, constant monitoring of BTC, ETH, TOTAL1, and TOTAL2 is always necessary. Other than that, we are almost there.Note
$75 support wasn't respected and the price went below it. The market is abnormal right now. I am starting to see downfall signals. I am glad I waited for more confirmations and didn't open a position immediately. If I did, I would have already taken a 5% stop loss. Volume, moving averages, RSI, and ADX indicators are negative right now.Although the specific pattern target seems almost dead, the levels and lines are still important. The upward support line (purple) is my last hope. If it bounces and brings confirming indicators including candlestick reversals, I might start trading it back up to 75.
This has never been a financial advice, and no one should take this serious without self deep work on the security.
Let's see how the week ends and how the next week starts.
Happy trading and good luck
Note
Today's economic data will show us the direction. We'll see if this idea is going to be legit or cancelled. Last day for this chartOrder cancelled
Cup and handle is cancelled. This idea is currently out of time. There are new lines and patterns to follow. I still think a breakout will bring me to .618 level, but not through this idea. Thanks for your attention. Good luck!
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.