** RISKY = every crypto is going down since few days **
Here we have a setup on the ltc/usd.
Accumulation of :
- Daily trendlines from bottom and top - Support zone - Lot of fibonacci retracement as usual - Stochastic strong oversold ( watch below ) - BTC trendlines bounce correlation
TP1 is the pinkline , I recommand to breakeven for the 3 other targets .
Don't put a huge amount on this one , SL is big .
Good '' luck ''
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LTC STOCHASTIC :
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BTC Correlation + Stochastic oversold reaction
Trade active
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So far so good , I've take a first profit at 38.2% retracement , im now moving the stop loss to 35
Could you explain it in a bit easier way? Do you mean that it will go up to 56 and drop? or it will go up a bit and drop suddenly imitating BTC's pattern?
silmaril0875
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I think BTC will go down to $1200 range once we break $1800 which means LTC might see $25 as you showed.
@rdanzot73, Because BTC is leading all the altcoins at this point, so if BTC sneezes, the altcoins get a cold and BTC is not done with it's drop.
Foralex
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@silmaril0875, I admit the major weekly trend of btc is around 1200 . But if you look in comments zone , btc hardly react to oversold lvl in the past
silmaril0875
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@Foralex, Lets see what happens. We currently in a micro channel and if that breaks you could be correct but currently BTC is hitting a micro trend line barrier which is the same as the previous times...
silmaril0875
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@Foralex, I think your forecast is turning out to be correct. All we now need is the volume...