Hey guys,
This is my 3rd cryptocurrency T.A already and what I spotted is that almost every major crypto is following the same fibonacci pattern. The downside is limited and the reversal is almost here. If you take a sharp look at the chart you can see that LTCUSD is testing the 38.2% extension line. Notice that 61.8% local fibonacci retracement is also spotted at this level and both 38.2 extension and 61.8 retrace almost converge (statistical significance confirmed). On a 1D chart RSI is not yet oversold. Aroon Down still prevails. So it looks like the downside could continue its road down to $145 support level (23.6% historic fibonacci retrace is very close to this price level). Right now it seems like the reversal is here since the pair has bounced off already
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!
This is my 3rd cryptocurrency T.A already and what I spotted is that almost every major crypto is following the same fibonacci pattern. The downside is limited and the reversal is almost here. If you take a sharp look at the chart you can see that LTCUSD is testing the 38.2% extension line. Notice that 61.8% local fibonacci retracement is also spotted at this level and both 38.2 extension and 61.8 retrace almost converge (statistical significance confirmed). On a 1D chart RSI is not yet oversold. Aroon Down still prevails. So it looks like the downside could continue its road down to $145 support level (23.6% historic fibonacci retrace is very close to this price level). Right now it seems like the reversal is here since the pair has bounced off already
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!