BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Dear HodlCrypots,

Currently there is some indecision in the market. The spike up of btc entered a no trade zone (at least for me).

While I was updating my chart for LTC I noticed a sweet algo target that had four (!) algo targets set between 64 and 66 usd. Either this is a huge coincedence or it must be an important pivot in the chart where going long is a nice trade.

In the case of the wave count we notice that the last wave of 5 is still a possibility in my primary count.

When we look at the volume we notice that there is a horizontal line at the buy zone and an increasing pattern in the sell zone.

We also (and ofcourse this is preliminary) notice that the rsi showed a moment of weakness in the daily chart when an important resistance line was reached. In the case of a (follow up of) bullish divergence on the rsi in the 4h chart this would mean a lower low and where our elliot count will be probably completed at the pivot where our algo targets are.

Furthermore the MACD 4C is still in the red which means it might not be over yet, which increases the chances of hitting the algo targets. This ofcourse is completely dependant on the movement of btc .

It's just an idea and when this idea actualy takes form expect a nice bounce from it because it will be an extremely technical play.

Thanks for taking your time to read this!

Stay safe and good luck everyone!

PS: This is for educational purposes only. I am not a financial advisor. The sharing of graphs is meant to share my ideas with the rest of the community and an indication on how I make my trades.
Thanks for sharing!
+1 Reply
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