LTC Slow/Complex Recovery Trading Plan (Bear Market Scenario)
Updated
This plan is based on the scenario that we are still in the middle of a long drawn out bear market. I hope we aren't, but in case we are, I wanted to come up with a plan.
A true correction, corrects things that are wrong with the chart. The main thing that stands out to me is that the $110-$185 range desperately needs volume back filling in order to provide a stable support for future growth. LTC just shot through that range so quick leaving a massive volume gap. This plan is based on correcting that.
The green boxes are buy targets and the red boxes are sell targets. I've arrived at these buy/sell areas using other indicators but didn't want to clutter the chart so I left them out.
In the event LTC doesn't just rocket over $215 in the next few days I'll use this plan as a starting point.
A true correction, corrects things that are wrong with the chart. The main thing that stands out to me is that the $110-$185 range desperately needs volume back filling in order to provide a stable support for future growth. LTC just shot through that range so quick leaving a massive volume gap. This plan is based on correcting that.
The green boxes are buy targets and the red boxes are sell targets. I've arrived at these buy/sell areas using other indicators but didn't want to clutter the chart so I left them out.
In the event LTC doesn't just rocket over $215 in the next few days I'll use this plan as a starting point.
Comment
I forgot to mention I noticed a Death Cross on the 6hr chartComment
This scenario is looking less likely as a Stochastic Bullish Divergence is forming on LTC. I've updated this idea here:tradingview.com/chart/LTCUSD/GjFlMru1-LTC-is-meeting-criteria-for-a-Bullish-Stochastic-Divergence/
Comment
Stochastic DIvergence pattern invalidated. This Bearish Scenario very possible.Comment
LTC Touches 165 - If you are gambler you can enter here with a stop at 164. Target 195ish.Disclaimer
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