### LTCUSDT SHORT
I've been analyzing LTCUSDT on the 15-minute chart, and it's presenting a clear short opportunity. The Elliott Wave pattern is quite distinct here, indicating the potential for a downward correction.
Currently, the price has completed its fifth wave and is now forming an 'a' wave downward. This suggests that a correction is underway. The price has reached the 0.698 Fibonacci retracement level around 64.99, which often marks a resistance point where the price might start to pull back further.
For a short position, I'm looking at the next potential support levels based on the Fibonacci retracement. The 1 Fibonacci extension level is at 63.18, and the 1.618 extension level is at 62.09. These levels are crucial as they often act as support during a correction phase.
Entering a short position at this point could be advantageous, especially considering the technical indicators and wave structure pointing towards a probable price drop. This setup provides a solid opportunity to capitalize on the expected downward movement.
I've been analyzing LTCUSDT on the 15-minute chart, and it's presenting a clear short opportunity. The Elliott Wave pattern is quite distinct here, indicating the potential for a downward correction.
Currently, the price has completed its fifth wave and is now forming an 'a' wave downward. This suggests that a correction is underway. The price has reached the 0.698 Fibonacci retracement level around 64.99, which often marks a resistance point where the price might start to pull back further.
For a short position, I'm looking at the next potential support levels based on the Fibonacci retracement. The 1 Fibonacci extension level is at 63.18, and the 1.618 extension level is at 62.09. These levels are crucial as they often act as support during a correction phase.
Entering a short position at this point could be advantageous, especially considering the technical indicators and wave structure pointing towards a probable price drop. This setup provides a solid opportunity to capitalize on the expected downward movement.
Trade closed: target reached
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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.