LTCUSD: Bearish Price Action Near Bullish Reversal Zone.
LTCUSD update: A strong outside bar has appeared in this market which can be the beginning of the next retest of the bearish trend line. The current hesitation though can be cause for concern, depending on how the candle closes. Keep in mind, this market is following BTC which means even in the face of bearish structure, the greater potential remains bullish.
The bearish trend line is still in play around the 108 level. Beyond that, the 125 resistance (.382 of recent bearish structure) still stands. Price still has a ways to go before we can get excited about any significant bullish gains.
Until it takes out those levels, it has the 90 reversal zone boundary holding up any attempts lower. This is the area to watch for accumulating opportunities.
With the price as low as it is, BTC does not have to go far for this market to spike higher. Look at ETH. At S.C., we called a swing trade long back on 6/13 which hit its 55 point profit target earlier today. BTC did not do anything spectacular, yet ETH outperformed. The same type of behavior can take this market by surprise as well.
In summary, short term formations may be bearish, but it is the probability of the bigger picture that carries more weight at these prices. The major coins are in an area where a large magnitude failed low can be forming. Like I wrote in a previous BTC article, these markets are in a hot spot, all they need is a surprise catalyst and off they go.
Most importantly you must be able to make your own decision. You must do it based on your own reasoning, not what the "experts" think. The herd of analysts are calling for BTC 3K. Now? Why weren't they calling for this when BTC was at 18K? If you read the reports I was writing at that time, I was promoting caution and staying flat while the crowd was feverishly buying.
If you find yourself confused by the conflict, then avoid these markets all together. Eventually they will work themselves out and make more sense, but by that time, you will be paying much higher prices.
Avoid the noise and follow the charts on the bigger picture. That is where you will find more clarity.
The bearish trend line is still in play around the 108 level. Beyond that, the 125 resistance (.382 of recent bearish structure) still stands. Price still has a ways to go before we can get excited about any significant bullish gains.
Until it takes out those levels, it has the 90 reversal zone boundary holding up any attempts lower. This is the area to watch for accumulating opportunities.
With the price as low as it is, BTC does not have to go far for this market to spike higher. Look at ETH. At S.C., we called a swing trade long back on 6/13 which hit its 55 point profit target earlier today. BTC did not do anything spectacular, yet ETH outperformed. The same type of behavior can take this market by surprise as well.
In summary, short term formations may be bearish, but it is the probability of the bigger picture that carries more weight at these prices. The major coins are in an area where a large magnitude failed low can be forming. Like I wrote in a previous BTC article, these markets are in a hot spot, all they need is a surprise catalyst and off they go.
Most importantly you must be able to make your own decision. You must do it based on your own reasoning, not what the "experts" think. The herd of analysts are calling for BTC 3K. Now? Why weren't they calling for this when BTC was at 18K? If you read the reports I was writing at that time, I was promoting caution and staying flat while the crowd was feverishly buying.
If you find yourself confused by the conflict, then avoid these markets all together. Eventually they will work themselves out and make more sense, but by that time, you will be paying much higher prices.
Avoid the noise and follow the charts on the bigger picture. That is where you will find more clarity.
Try Trade Scanner Pro for FREE: bit.ly/TSCPRO
Free Signal Every Week: bit.ly/signalwk
My discord community: bit.ly/inviteme2
Trade Bybit: bit.ly/bybreg
Tip With ETH: 0x94c9338fc3A9Ba0F1F930BF4e724C0A3EBB8437E
Free Signal Every Week: bit.ly/signalwk
My discord community: bit.ly/inviteme2
Trade Bybit: bit.ly/bybreg
Tip With ETH: 0x94c9338fc3A9Ba0F1F930BF4e724C0A3EBB8437E
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.