Okay, bad joke, we all know that. More seriously, just drawing some fib retracements here after the pump of the beginning of April, in order to give some perspective on the levels to watch this week and what comes next.
During the last two weeks LTC has retraced to 0.382 fib level like a good boy. This level acts as a strong support on the 1h and 4h charts with 3 clear bounces from here during the last 3 days — just like BTC does with the $5k level.
We can expect the range to tighten in the days to come, then we will be primed for a breakout... either up, or down.
My guess is that $BTCUSD will dictate the next move, depending on its capacity to break its own actual resistance around 5.3k and keep the momentum going. If it does and pushes further to 5.6 - 5.9k, LTC will follow the trend and likely hit the two TP highlighted on the chart, @ fib 0.618 (85$) and 1 (91$).
On the other hand, if BTC retrace to 4.7 / 4.5 / 4.2k levels, LTC is primed to hit the short targets at 0.236 (71$) and perhaps even 0 (62$), in which case it will be a nice entry point to go long and ride the rollercoster again.
The outcome is uncertain at this time and the RSI certainly won't help, since it's in neutral zone. So wait for a clear confirmation of the breakout on the 4 hour chart before opening a position.
Disclaimer: I've never made a cent out of my trades. Do not consider this piece of work as a financial advice! But leave me a like and God bless you!
Edit: don't know what the RSI strategy is doing at the end here... Just ignore it :)
During the last two weeks LTC has retraced to 0.382 fib level like a good boy. This level acts as a strong support on the 1h and 4h charts with 3 clear bounces from here during the last 3 days — just like BTC does with the $5k level.
We can expect the range to tighten in the days to come, then we will be primed for a breakout... either up, or down.
My guess is that $BTCUSD will dictate the next move, depending on its capacity to break its own actual resistance around 5.3k and keep the momentum going. If it does and pushes further to 5.6 - 5.9k, LTC will follow the trend and likely hit the two TP highlighted on the chart, @ fib 0.618 (85$) and 1 (91$).
On the other hand, if BTC retrace to 4.7 / 4.5 / 4.2k levels, LTC is primed to hit the short targets at 0.236 (71$) and perhaps even 0 (62$), in which case it will be a nice entry point to go long and ride the rollercoster again.
The outcome is uncertain at this time and the RSI certainly won't help, since it's in neutral zone. So wait for a clear confirmation of the breakout on the 4 hour chart before opening a position.
Disclaimer: I've never made a cent out of my trades. Do not consider this piece of work as a financial advice! But leave me a like and God bless you!
Edit: don't know what the RSI strategy is doing at the end here... Just ignore it :)
Trade active:
1st Trade active (short term) : entry @ 76$,looking for an exit @ 82$ by tomorrow
Comment:
Still stuck in the pennant. We could revisit $76 soon, unless the BTC king manages to break it's 5.3k resistance and build momentum. Wait a bit rather than opening a positio right now.
Trade closed: target reached:
Long TP1 ($85) reached. Conservative:take all your profits here. Aggressive: take some profit and keep a stack for TP2.
Will update later, let's see how it goes!