The ABCDE triangle could hold if BTC resume uptrend in the coming weeks, if it can't LTC will go for lowers lows and huge new loss.
For the moment major downtrend (red line) is intact, we are reject by the deathcross (50/200MA) - and that's the heaviest scenario possible for a death-cross -, is still .
You definitely need to wait a signal to take any position on this coin. Bears are still in full of control of LTC market.
I hope you all are safe and short traders avec made monneeyey with me hehe.
If LTC can't sustain his price above 62$ the most likely target is at best 35$.
Yes guys WHAT A TRADE. You can see some days ago the price of LTC just exactly touch one of my biggest support identify months ago during a beartrap on BTC. You can play the watch button on the list and the precision of my target. Incredible right?
I always said you touch the bottom line is not enough to be sure the support is holding it but you need to be able to find a pattern of support just over it. And that's what i'm looking for : https://s3.amazonaws.com/tradingview/sna...
And that's it, i see an opportunity ! On the daily chart you can see a beautifull double bottom forming, with a nice daily divergence on the RSI. For the first time we broke the fib 34 WMA in daily. To be less greedy you should wait the breakout of the 70$ area who should imply a release of the double bottom pattern BUT with the MONSTER profits i made on this LTC short (something like +70%) i can't put some money on it. YOU READ IT RIGHT I TURNED BULLISH for Short to Middle term until we touch 110$ (which not imply the end of the bear market). If BTC breakdown 6400$ then i should probably active my stop loss.
PLEASE SHARE this perfect LTC TRADE everywhere, like it to show me your support. Don't forget i take my personal time to make it for free. I will update BTC if i have enough support.
Remember i'm NOT a financial advisor, you trade at your own risk and i'm doing it only for my personal trading and entertainment.
Cheers my friends.
Yeah on this picture you can see we are facing monster resistance. But guys just to give you some hope :
My first target remain 110$ as long as we can stay over 54$. However a fall under it would imply the confirmation of the breakdown of the triangle, and that would be sick. I'm some experimented trader and with the money i made the last 6 months i can take pretty much allrisks. I should be crazy to don't play this rebound as i told you in last update. But i know when cut my loss so guys please PLAY IT SAFE.
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