Update: Short term: Few interesting levels/fib clusters for LTC
LTC failed to push above 140 and took a dive expected.
If 133/134 develops into support - new attempt at 140. If this S fails, direction is to the south, 129 and 125 are back in play. Expect stop hunting - Stop hunting is a strategy that attempts to force some market participants out of their positions by driving the price of an asset to a level where many individuals have chosen to set their stop-loss orders. The triggering of many stop losses at once generally leads to high volatility and can present a unique opportunity for investors who seek to trade in this environment.
source: investopedia . com.
Take a look a D chart. Corrections (more like overreactions) like this are nothing unusual.
Good news is, volume is picking up and RSI points to oversold conditions.
Don't get stopped out ;)
If 133/134 develops into support - new attempt at 140. If this S fails, direction is to the south, 129 and 125 are back in play. Expect stop hunting - Stop hunting is a strategy that attempts to force some market participants out of their positions by driving the price of an asset to a level where many individuals have chosen to set their stop-loss orders. The triggering of many stop losses at once generally leads to high volatility and can present a unique opportunity for investors who seek to trade in this environment.
source: investopedia . com.
Take a look a D chart. Corrections (more like overreactions) like this are nothing unusual.
Good news is, volume is picking up and RSI points to oversold conditions.
Don't get stopped out ;)
Comment:
I think it needs a bit more explaining and it's not as obvious as I thought it is
1-2-3-4-5-6
You can see, how it gets narrower but the pattern is the same. Just scale is different while proportion remains.
"6" looks like a decision point. If it fails, expect overreaction aka correction.
By fail I mean fail and not just a quick wick under 133
Makes more sense now?
1-2-3-4-5-6
You can see, how it gets narrower but the pattern is the same. Just scale is different while proportion remains.
"6" looks like a decision point. If it fails, expect overreaction aka correction.
By fail I mean fail and not just a quick wick under 133
Makes more sense now?
Comment:
Lets take a closer look at LTC and how it has performed and what can be expected.
Added new price extensions A and B and the pale pink at nr 6.
If 143.69 R gets smashed, expecting R at 146 and then 150 is in reach.
And as always, this all can turn around and correct, with serious overreaction and hysteria, back to 133 S (6)
Added new price extensions A and B and the pale pink at nr 6.
If 143.69 R gets smashed, expecting R at 146 and then 150 is in reach.
And as always, this all can turn around and correct, with serious overreaction and hysteria, back to 133 S (6)
Comment:
correct screenshot
Comment:
LTC is going to attack that 143 level again. If this finally turns to R, expecting sharp moves like BTC.
Comment:
Quick update. Marked 146 and 149 clusters
Comment:
LTC is still stuck in that same ~6% corridor. I stretched S and R areas to the right so you can see it better and added one Fib price extension looking for support levels (pale pink, first from the right) It shows a slightly stronger freak-out than the previous one.
RSI shows, we are in oversold territory. General trend is still positive.
RSI shows, we are in oversold territory. General trend is still positive.
Fibonacci extensions are a way to establish price targets or find projected areas of support or resistance when the price is moving into an area where other methods of finding support or resistance are not applicable or evident.... "
www.investopedia.com...onacciextensions.asp