Litecoin on Wave 3 Impulse - Bearish trend?
It seems Litecoin is on a bearish Impulse 3 wave and will continue to the low Peak before a pullback.
This Impulse move seems to be on the Minor period time frame and isn't performing as previously expected.
TDI continues to show bearish movement as the RSI approaches the lower outer band in preparation for a Sharkfin out of the water.
The blueberry EMA has been breached by the price action and has already been crossed with the Ketchup EMA. Once the Water EMA crosses the Blueberry, we should see some signs of a retracement, then an additional move down for a wave 5 before a breakout of structure from the bearish channel, which would conclude the bearish trend.
I will wait until price action reaches the support peak area before performing another analysis in order to understand the next move.
Fundamental announcements will also provide more insight to future price action.
I'm still holding this coin, even though the drop is significant, it isn't enough to warrant an exit from my long-term hold/position.
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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This Impulse move seems to be on the Minor period time frame and isn't performing as previously expected.
TDI continues to show bearish movement as the RSI approaches the lower outer band in preparation for a Sharkfin out of the water.
The blueberry EMA has been breached by the price action and has already been crossed with the Ketchup EMA. Once the Water EMA crosses the Blueberry, we should see some signs of a retracement, then an additional move down for a wave 5 before a breakout of structure from the bearish channel, which would conclude the bearish trend.
I will wait until price action reaches the support peak area before performing another analysis in order to understand the next move.
Fundamental announcements will also provide more insight to future price action.
I'm still holding this coin, even though the drop is significant, it isn't enough to warrant an exit from my long-term hold/position.
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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