Hello All,
LTC has been trading within the parameters of a parallel patterns for nearly a month now and we are at another resistance spot. There are many reasons for me to believe we will go down and test the support of the parallel pattern.
LTC:BTC / Binance / 4 HOUR TIME FRAME / Current Time and date, March 7, 2019 5:12 PM EST.
1. We are currently in the 3rd wave ready to form wave 4.
Wave 3 is longer than wave 1 by nearly 150 satoshis so we did not violate any rules.
The next support zone we touch in the pattern will conclude wave 4, any point further past the support would make this a failed wave as
we would have entered and potentially closed in wave 1 territory
2. RSI formed a lower high while price formed a higher high which indicates we are bearishly diverging as you can see here:
3. MACD is reading to crossover while the histogram is ticking downwards, as you can see here:
NOTE: This is NOT financial advice, NOR am I a financial adviser. Trade at YOUR own risk. This is a learning opportunity for me and you.
LTC has been trading within the parameters of a parallel patterns for nearly a month now and we are at another resistance spot. There are many reasons for me to believe we will go down and test the support of the parallel pattern.
LTC:BTC / Binance / 4 HOUR TIME FRAME / Current Time and date, March 7, 2019 5:12 PM EST.
1. We are currently in the 3rd wave ready to form wave 4.
Wave 3 is longer than wave 1 by nearly 150 satoshis so we did not violate any rules.
The next support zone we touch in the pattern will conclude wave 4, any point further past the support would make this a failed wave as
we would have entered and potentially closed in wave 1 territory
2. RSI formed a lower high while price formed a higher high which indicates we are bearishly diverging as you can see here:
3. MACD is reading to crossover while the histogram is ticking downwards, as you can see here:
NOTE: This is NOT financial advice, NOR am I a financial adviser. Trade at YOUR own risk. This is a learning opportunity for me and you.