Litecoin - Bearish Bat

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin has now confirmed the potential reversal zone for the bearish bat on the daily timeframe , I've been monitoring the progress of this setup for several weeks and watched the C to D leg materialise. This opportunity is purely based on technical measurements and the reasoning for a market correction is perfectly logical.

Let's quickly review the previous price legs which lead us to the current price.

The price leg from A to B measured an overall increase of 87.99% over 32 days.

This was soon corrected by an exact 30% decrease in the B to C movement lasting only 14 days.

Our focus is primarily on the C to D leg which seen a 116.82% increase "ending" at the confirmation of the 0.886 XA measurement, this move lasted a total of 55 days.

My expectation is that we will see a near term correction to the 0.382 retracement resulting in a 24.82% correction. Ultimately based on whether the reversal takes place the optimal target is the 0.618 retracement with a 40.16% decline.

Pay attention to the structure shown below on the daily chart , this provides a basic indication of how price is currently moving.

Once the reversal takes place I would monitor the support trendline in order to confirm a continuation to the 0.618 retracement .

That's it from me! Enjoy your weekend when it comes :)

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Damn bullish bats!
lewis is back!
+3 Reply
LewisGlasgow Timothie_Roggers
@Timothie_Roggers, maybe I’ll continue posting... Who knows :) lol
+1 Reply
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