LitecoinShort
LTC/USD
Breaking down what we have observed in LTC since my last analysis. I'm looking for rejection between $47.75 - $48.50. Following this, I'm expecting that Litecoin should be targeting the first minimum target at the macro .618 (Yellow levels) with a more extended target of $25. This whole area is great for confluence with macro support as well as confluence between both the macro & local fib targets.
From there, as of now, I am expecting continued downside to lower targets after a retracement. However, we will need to make that assessment once more of this structure begins to fill out to have a more confident expectation.
It is important that, once these levels are reached, price action fits a rejection. $55 - $58 are not out of play. But, given that the structure fits well as an ending diagonal. those upper targets are significantly less likely - in my opinion.
From there, as of now, I am expecting continued downside to lower targets after a retracement. However, we will need to make that assessment once more of this structure begins to fill out to have a more confident expectation.
It is important that, once these levels are reached, price action fits a rejection. $55 - $58 are not out of play. But, given that the structure fits well as an ending diagonal. those upper targets are significantly less likely - in my opinion.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.