Gnonymous

Possible fractal in LTCEUR, more downside coming?

COINBASE:LTCEUR   LTC/EUR
40 views
0

I've noticed a possible fractal pattern in Litecoin, which could lead to a bit more downside.
Starting March 5th until March 9th , we've seen a steep decline, followed by a bounce, creating 3 zones where the price bumped into the same resistance every time, after which we saw an even further decline from March 13th until March 16th.

At the moment, we already have two zones where the price bumps into the same resistance. If we get a small dip to 130 EUR, followed by a bump into the same resistance without actually breaking it, I think we may see Litecoin get closer to the 100 EUR mark than it did last week.

I may very well end up being completely wrong here, since it's my first ever post (so I'm unexperienced), the current situation looks like a bullflag pattern and cryptotwitter is very bullish at the moment. However, when zooming out we are still in a downtrend and the G20 good news feels may start wearing off once people realize that governments not regulating the space this quarter means prolonged uncertainty concerning regulation, which means a clear picture on laws for the cryptomarket is postponed to the next G20 around July. Postponed regulation may lead us to prolonged FUD (Fear Uncertainty and Doubt).

Nothing I post here should be seen as financial advice: trust only yourself and act upon your gut feeling and the charts, since according to John J Murphy "all info available to the market is already worked into the price".

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out