here we have LiteCoin the 4th most popular coin on coinbase (COIN). this is showing a regression in price. cryptos are acting like stocks at the moment and just going up with no rest. I am not a big crypto person, as I have similar views as the SEC does and think they are an asset instead of a currency and some of the coins offer an interest rate for holding them which i think is a "stake of proof" setup. either way here we have a bearish butterfly pattern that just completed and the AMP RSI is in a very minor divergence. so i would expect to see some drop in price and if you wanted to enter after the pattern is complete then buy at the 618 of this pattern as this will be the bargain price. i know lots of inexperienced traders just hop into an asset without regard to price but if the asset is up 20% would you rather be up 18-19% with it or 10%? i hope this finds some traders well.
Trade closed: stop reached
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i would consider this a winning pattern as you would of take profit at the 382 of the pattern and moved stops to BE. so target reached and stopped out at BE
Thanks for your contribution. I’m just dabbling in this myself. I’ve read other analysis of LTC dipping before another upswing so maybe I will pick up a little more. Thanks again!