We are in a short term bullish trend but the medium term is STILL bearish. I am not sure if we will crash from these levels or will go all the way up to 50 usd levels and crash but the higher it goes up the bearish I will become.
I will be buying from the HUGE green box.
I will NOT open a short - too risky, I will not be margin trading as well. Considering the unstable global economy, we might have flash crashes which can get us liquidated in seconds.
IF the trade does not play and we bounce above 60 levels, I will be reshaping the whole analysis.
There are some strong psychological zones of support too, I don't think the price will break through there very easily as happened in the past. Here's my in-depth explanation for this:
dacto
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@Trading-Guru, thank you for sharing, 23-25 is a critical support I believe the same, but the all time fibonnacci golden zone corresponds to 14-18 usd level which is very very strong,
transparent-fx
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this is what I will have marked up on ltcusd
dacto
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@transparent-fx, good one, so I assume you are directly expecting the dump from 40 usd?
transparent-fx
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@dacto, trading is reactive not predictive, if we will get the push down, then I am interested
Curious as to why your count disregards the initial drop from the high and the subsequent rise? If you count from there, your (3) is in fact a (5).
dacto
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do you mean the 25 dollar dump? sorry did not understand the exact question
UnknownUnicorn788630
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@dacto, It went to 84 and then dumped to 65, after that, it rose again but never breached the previous high. This could be interpreted as 84-65 = (1) and subsequent rise 65-79 as (2). However, you skip these in your counts.