So this is an interesting one. Rather than a clear series of ups and downs which we see in most charts like ETH and BTC. LTC on the other hand had this brief but sustained parabolic move upward into a new channel.
The blue box area is it's current channel pretty much since December. Where it's mostly stayed around. Out of all the big coins LTC has moved the least and has just basically swam in this channel for months.
With current market sentiment LTC will either stay afloat in this channel or it'll move down. If it's the latter, than that is going to be one hell of a move down. To get a better idea of how far down, I used a Fib retracement.
Personally I think we'd be looking at the 0.68 level, because the 0.5 level does not look solid at all. I am going to put a small short in here, but only small with low leverage because it could quite easily just carry on in this channel oblivious to market conditions as it has the last 6 months. Or it could drop. If it drops that's a big, big drop.
So this is just a very small, speculative position.
The blue box area is it's current channel pretty much since December. Where it's mostly stayed around. Out of all the big coins LTC has moved the least and has just basically swam in this channel for months.
With current market sentiment LTC will either stay afloat in this channel or it'll move down. If it's the latter, than that is going to be one hell of a move down. To get a better idea of how far down, I used a Fib retracement.
Personally I think we'd be looking at the 0.68 level, because the 0.5 level does not look solid at all. I am going to put a small short in here, but only small with low leverage because it could quite easily just carry on in this channel oblivious to market conditions as it has the last 6 months. Or it could drop. If it drops that's a big, big drop.
So this is just a very small, speculative position.
Comment:
Price still hugging the bottom of this price range - When this drops...