Today the Black Cat Trader is analyzing LTC based on a weekly chart 🐾 📈
What we can see :
- LTC broke its downtrend line but got rejected by the 0.618 fib extension which matches also with the intermediary lower line of the pitchfork
- Actually, prices are sitting on the SSB which acts as a very strong support.
- By using Fib retracement combined with Trend-Based Fib Extension we can identify concordance.
What we can expect :
- To go higher, LTC must hold its SSB support and break the 0.618 fib extension and the intermediary lower line of the PF to reach the upper levels (always wait for the lagging span confirmation)
- If LTC failed to hold support on its SSB, then we can expect prices to bottom at 194 $ where there is : EMA21 / Downtrend Line / Uptrend line / Lower line of the PF
Targets 1 : 705 $ (Fib extension : 1.618 / 2)
Targets 2 : 1030 $ (Fib extension : 2.618 / 3)
Targets 3 : 1448 $ (Fib extension : 3.618)
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW THE BLACK CAT TRADER