Correction Soon
Updated
Its been a great past few weeks for LTCUSD. It's time to correct down and attract new buyers. This is a healthy market move and I'm still very much long in LTCUSD. LTCUSD still has the healthiest uptrend in the crypto market as far as I'm concerned.
We may see one more bull run after this consolidating triangle, but I'm not banking on it. To be safe, I've set a stop just under triangle to sell off the peak in the event of a downward break. If it breaks up instead, I'll follow and update stop to next peak.
Historically, LTCUSD has produced 5-3-5 zigzag style corrections. I see no reason why this one shouldn't be similar (in fact I just copied and pasted the last correction to project...). I plan on buying the B up wave in the correction for a sell off before wave C starts. If it maintains the uptrend, drops down to 50-55 region likely.
However, this correction may be larger in magnitude as I count it as the completion of an overall cycle wave 1. I may be wrong, and please correct me if you see differently. If it breaks the uptrend support line, I expect deeper drops down into the 40s. We will have to wait and see.
In any case, my long positions are very optimistic with prices breaking $100 in the next 6-9 months post correction.
We may see one more bull run after this consolidating triangle, but I'm not banking on it. To be safe, I've set a stop just under triangle to sell off the peak in the event of a downward break. If it breaks up instead, I'll follow and update stop to next peak.
Historically, LTCUSD has produced 5-3-5 zigzag style corrections. I see no reason why this one shouldn't be similar (in fact I just copied and pasted the last correction to project...). I plan on buying the B up wave in the correction for a sell off before wave C starts. If it maintains the uptrend, drops down to 50-55 region likely.
However, this correction may be larger in magnitude as I count it as the completion of an overall cycle wave 1. I may be wrong, and please correct me if you see differently. If it breaks the uptrend support line, I expect deeper drops down into the 40s. We will have to wait and see.
In any case, my long positions are very optimistic with prices breaking $100 in the next 6-9 months post correction.
Note
Broke up. Updated sell stop to $74Note
Stop sold at $74. I'll re-evaluate near 50's for re-entry. Good luck trading everyone.Note
It looks like I was wrong. I rebought at 74.7 on a recommendation. It Just broke up out of another triangle for yet another extension past $80... Sell stop updated to 76.Trade closed manually
Still rising, stop updated to $83. Closing idea.
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