LITECOIN Brokeout of the downtrend after a bounce off the strong support area, I called the fall awhile back on the ETH pair when a key support area as broken, now from where we are at and what we can see.
Since the breakout of the longterm downtrend we've been in 2 channels, an uptrend channel which was broken and a downtrend channel which was just recently broken.
As well as this we can see a completed elliot wave as well as a correction, leaving us at a key support level.
Key support levels are boxed in black and key resistance points are Fibonacci levels that the arrows point too.
We can also see a triangle formation getting ready for a breakout.
If we fail this support level we can expect to fall to the next key level and bounce from there and recalculate.
Thoughts?
Posted first on my Discord community, msg me for link if you want to chat with us!
Since the breakout of the longterm downtrend we've been in 2 channels, an uptrend channel which was broken and a downtrend channel which was just recently broken.
As well as this we can see a completed elliot wave as well as a correction, leaving us at a key support level.
Key support levels are boxed in black and key resistance points are Fibonacci levels that the arrows point too.
We can also see a triangle formation getting ready for a breakout.
If we fail this support level we can expect to fall to the next key level and bounce from there and recalculate.
Thoughts?
Posted first on my Discord community, msg me for link if you want to chat with us!
Comment:
a chance we could be playing into a much bigger channel, really have to focus on price action to find out which support we'll bounce off of and be diligent with cutting losses
