LTCETH broke upwards trend - and now?
I'm a beginner in TA so please be gentle.I'm happy about some feedback though, I really wanna learn this stuff. So lets jump right into it.
Looking at the 4hour chart on LTC we see that it broke the bottom line of the upwards trend. If you add the top line ltc formed a wide opened wedge (grey lines) which got broken to to bottom - which is kinda bad. Also the EMA50 and the 78,6 retracement support level were violated.
In desperate search for another support level I added the orange line which will be tested soon. But I don't think this will be a real support level.
More realistic will be the EMA200 support level. We have to see what happens but i think it could happen that the price drops till 61,8 support level meeting with 200EMA.
I'm excited about your thoughts, leave a comment and tell me when I'm completely wrong. I'm not quite sure if I set the Fibonacci retracement correctly, if you see a mistake, let me know.
So long.
Looking at the 4hour chart on LTC we see that it broke the bottom line of the upwards trend. If you add the top line ltc formed a wide opened wedge (grey lines) which got broken to to bottom - which is kinda bad. Also the EMA50 and the 78,6 retracement support level were violated.
In desperate search for another support level I added the orange line which will be tested soon. But I don't think this will be a real support level.
More realistic will be the EMA200 support level. We have to see what happens but i think it could happen that the price drops till 61,8 support level meeting with 200EMA.
I'm excited about your thoughts, leave a comment and tell me when I'm completely wrong. I'm not quite sure if I set the Fibonacci retracement correctly, if you see a mistake, let me know.
So long.
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