Following the previous idea on LTCUSD and updating the count, the cycle from 26/02/2018 high has ended at 150.11 and that would also end cycle from 20/02/2018 high for the end of the correction. Based on previous idea, equal leg area was at 161.07-144.44 stop 101.50.
So I would wait for a break above 252.55 to start positioning long position in 1h chart. Will give level in comments.
Invalidation level to the upside is 102.00 and invalidation to the downside is 252.55.
The analysis is also based on the count in BTCUSD and the LTCBTC chart where we have an incomplete bullish sequence in 4h, so that would mean that while BTCUSD is correcting its cycle to fail new high and make another low, LTCUSD should be able to hold this temporary low ( going red -2-) and challenge 252.55
So I would wait for a break above 252.55 to start positioning long position in 1h chart. Will give level in comments.
Invalidation level to the upside is 102.00 and invalidation to the downside is 252.55.
The analysis is also based on the count in BTCUSD and the LTCBTC chart where we have an incomplete bullish sequence in 4h, so that would mean that while BTCUSD is correcting its cycle to fail new high and make another low, LTCUSD should be able to hold this temporary low ( going red -2-) and challenge 252.55
Note
Good reaction in the area. On 1h chart, break of 168.01 should send LTCUSD at least to equal leg area at 175.21-179.43Note
Count has changed but does it matter when we are in a trade with stops and targets? No. Trader and chart analysis are 2 different jobs.Chart analysis proposes the path that makes sense according to his/her tools based on price action while the trader gauges the opportunity to buy/sell against a level that represents risk for a reward.
Note
We are still in play here. The count does not matter now as we are in the trade and I won't change the setup. Another opportunity might arise in 1h time frame if we make a new low, buy double correction at equal leg area. Will propose another idea for that.Note
watching 102 approaching
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.