Intense conflict! To where LTC is going?
The fight continues here, as both the bulls and the bears lack the strength to start a trend. The 38.2% fib retracement did an excellent job holding the price and LTC is trapped near that point for the last 7 days. I’m still holding half of my position, as I sold the other half a few days ago with profit. If you missed my call on LTC, I’ll put the link of our entry point below. Also, follow me to keep in touch with our trades and daily analysis.
Now if the price loses that red line in the chart (previous top), we can assume it will seek the “support zone”. But if the price breakup the 38.2% fib retracement I believe it will hit our main target here, the “target zone”, which is the 61.8% fib retracement.
Let’s see the hourly chart now:
It did a double bottom, and although the price went up, it failed in reach the main target, the black line. Sometimes patterns go wrong. But ETH did the same pattern and it worked out very well, as I said in my analysis, I almost bought it, but I’m not a daytrader.
Now look the weekly chart:
If the bulls don’t react quick, we may see a bearish pattern here, just under the fib retracement, that could sink the prices further. So, let’s be careful.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Now if the price loses that red line in the chart (previous top), we can assume it will seek the “support zone”. But if the price breakup the 38.2% fib retracement I believe it will hit our main target here, the “target zone”, which is the 61.8% fib retracement.
Let’s see the hourly chart now:
It did a double bottom, and although the price went up, it failed in reach the main target, the black line. Sometimes patterns go wrong. But ETH did the same pattern and it worked out very well, as I said in my analysis, I almost bought it, but I’m not a daytrader.
Now look the weekly chart:
If the bulls don’t react quick, we may see a bearish pattern here, just under the fib retracement, that could sink the prices further. So, let’s be careful.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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