We are currently in the C2 triangle, and after maybe 1 (+/-) more swing up to the trend line or $185 range, Then we "could" see the drop into the D2 triangle or .786 FIB line). Note: that time frames in triangles can be increased or decreased depending on what is going on at that time....but the high/low trends are obviously set until broken, so trade accordingly.
Where I have drawn the overall FIB, the bottom in triangle D2 lends itself to a $146 bottom, but understand that stops will be taken out both above and below, once it has reached that point. We are also close to a nominal number of $140, so it would be reasonable to assume that once in that mid-$140's range, individuals will be setting stops below $140, so the market could likely dip below $140 to clear those stops. It seems, that the LTC market likes to go $1, $2 and $3.50 above and below nominal points, and sometimes all three as the triangle is forming. So a wick to $136.5 is possible. Adjust your scalps and stop-losses accordingly so they are either hit or not hit.
In summary:
Short Term: You may get one more shot at the $185ish range in Triangle C2, then it will get progressively tighter as it falls out of the bottom. Remember that this triangle could go on for sometime or drop out now, who knows? So watch for the breakout.
Once in triangle D2 watch for the double bottom, wherever that ends up being. Day trade the triangle once it has formed, and then as it gets tighter and tighter, watch for the breakout. Once Triangle D2 does get broken, my guess is to the upside, don't think that it will just rush up to $300+ without stopping it could, or it could just stair step up and this could take MONTHS, we don't have a lot of historical data to go off of in these ranges with LTC or crypto in general.
Where I have drawn the overall FIB, the bottom in triangle D2 lends itself to a $146 bottom, but understand that stops will be taken out both above and below, once it has reached that point. We are also close to a nominal number of $140, so it would be reasonable to assume that once in that mid-$140's range, individuals will be setting stops below $140, so the market could likely dip below $140 to clear those stops. It seems, that the LTC market likes to go $1, $2 and $3.50 above and below nominal points, and sometimes all three as the triangle is forming. So a wick to $136.5 is possible. Adjust your scalps and stop-losses accordingly so they are either hit or not hit.
In summary:
Short Term: You may get one more shot at the $185ish range in Triangle C2, then it will get progressively tighter as it falls out of the bottom. Remember that this triangle could go on for sometime or drop out now, who knows? So watch for the breakout.
Once in triangle D2 watch for the double bottom, wherever that ends up being. Day trade the triangle once it has formed, and then as it gets tighter and tighter, watch for the breakout. Once Triangle D2 does get broken, my guess is to the upside, don't think that it will just rush up to $300+ without stopping it could, or it could just stair step up and this could take MONTHS, we don't have a lot of historical data to go off of in these ranges with LTC or crypto in general.