As LTCUSD price rushes into new high today, it is expected to make a correction and slight bounce from the second trendline. Observe the path, if however, the price does not obey the retest and the lower low shown on the path. Means the price had disobey this analysis.
Happy trading. Thanks for the like.
Happy trading. Thanks for the like.
Comment:
it will pass the short support at 346 and make landslide towards the strong support in yellow
Comment:
LTC did another retest and the bullish candle is very strong, price correction and bearish trend is to be expected. However, if bearish candle is short and not strong, expect a break.
... the price does not obey the retest and the lower HIGH shown...
Addition:
1. The price will first drop to the new T/L and slight correction upward, and most possible retest the first T/L (highest resistance). :: if u miss, this is another ENTRY
2. According to the rule of the channel (yellow text), price will continue to drop atleast until second T/L (low resistance).
3. And then proceed either to our target at SUPPORT (yellow T/L) or another retest (T/L not drawn on chart) at the area 4May - 6May T/L resistance turn support.