LTC/USD - Bearish Bat Short

Litecoin / United States DollarCoinbase

Description

⋅ Apr 3, 2017 9:20 PM

Hello traders, here we have LTC/USD with a bearish bat pattern on the 15m chart.

It makes a change from posting about the 1h, 4h and daily all of the time.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618 (D leg is slightly extended)
Final X to D: 0.886

This is not a chart I'm trading but more to highlight the future price direction of Litecoin, including key areas to buy.

If you want more trading inspiration be sure to connect with me below :)

Comment

⋅ Apr 3, 2017 11:07 PM

Price has now reached the bottom of an ascending channel, expecting a breakout to continue the move.

Comment

⋅ Apr 4, 2017 7:05 PM

The ascending channel is holding really well but price is now approaching the bottom trendline... Will we see a break to the downside?

Comments

billaddison

⋅ Apr 4, 2017 2:32 PM

It's really hard to see LTC getting down to 8 given increased signalling for SW. It might happen, but just at this stage seems difficult.

LewisGlasgow

⋅ Apr 4, 2017 4:24 PM

@billaddison, it was more a short-term outlook, I'm long on LTC and totally agree with your views on segwit as it is now at 65%

azuolas

⋅ Apr 4, 2017 4:47 PM

@LewisGlasgow, It will go to the Moon once SegWit 75% will be reached. Then short and only after correction everyone can go long without worries.

LewisGlasgow

⋅ Apr 4, 2017 4:49 PM

@azuolas, don't need to tell me that, it'll skyrocket lol!

Lain33

⋅ Apr 3, 2017 9:58 PM

Nice work! Do you have a long term opinion of ltc?

LewisGlasgow

⋅ Apr 3, 2017 10:12 PM

@Lain33, thank you! I'm expecting a break to double digits this month