LTCUSDT - Long to $192, or Short to $158?
Yesterday, I went long at $179.32 when I saw an Ascending Triangle with resistance at $192.
Price fell below the $175 level of ascending support in the Ascending Triangle, which perhaps suggest the Ascending triangle failed to work out.
Others people called that same formation a Bear flag instead of an Ascending Triangle because of the previous drop creating a pole.
Price movement & trend:
- Broadly, major downtrend in force since December 2017.
- More recently, still in a downtrend since March 6th.
- 55 EMA is trending downward since the last peak of $192
- 9 EMA and 20 EMA are also showing downward trend.
- MACD shows converging histogram, and is moving sideways. Could this suggest a possible move up?
Oscillators:
- RSI bounced off the 30 about three times, and the bounces were weak
- RSI appears to have ascending support levels, showing bears losing steam
- Is it possible the weakness indicates oversold levels, and we are ready to see a move upward?
Volume:
Declining volume also suggest bears are losing steam
Predictions:
1) Short (blue line). I see a downward Elliott Wave, and we are at wave 3, bouncing up to about $176 , then falling down further down to $158.
2) Long (red line). An impulsive Elliott Wave could move up and test the $192.
What do you all think?
Do you agree, or disagree with anything of my ideas?
Feedback is greatly appreciated!
Price fell below the $175 level of ascending support in the Ascending Triangle, which perhaps suggest the Ascending triangle failed to work out.
Others people called that same formation a Bear flag instead of an Ascending Triangle because of the previous drop creating a pole.
Price movement & trend:
- Broadly, major downtrend in force since December 2017.
- More recently, still in a downtrend since March 6th.
- 55 EMA is trending downward since the last peak of $192
- 9 EMA and 20 EMA are also showing downward trend.
- MACD shows converging histogram, and is moving sideways. Could this suggest a possible move up?
Oscillators:
- RSI bounced off the 30 about three times, and the bounces were weak
- RSI appears to have ascending support levels, showing bears losing steam
- Is it possible the weakness indicates oversold levels, and we are ready to see a move upward?
Volume:
Declining volume also suggest bears are losing steam
Predictions:
1) Short (blue line). I see a downward Elliott Wave, and we are at wave 3, bouncing up to about $176 , then falling down further down to $158.
2) Long (red line). An impulsive Elliott Wave could move up and test the $192.
What do you all think?
Do you agree, or disagree with anything of my ideas?
Feedback is greatly appreciated!
Comment:
wow. seems like the price is tracing the blue line perfectly... looks like it is hitting support at $165 now. Not sure if it will go lower to $157.