LTCUSD, key support hit. Long to $180-190?
Price has dropped pretty dramatically since ~March 20 at the $180 level (point a)
3 downward waves completed (point 5), suggesting a possible ABC correction, which we are now about to begin a move upward (point b to point c).
Key support level from March 19th was $138, if we fall below $136, then this may fail.
Other Indicators suggesting reversal is coming:
- RSI is bouncing on the 30 level
- ADX is still trending up, but is losing momentum. Looking at the 1h chart, ADX suggests the downward trend is not strong anymore.
- -DI is falling back down
Target: $180-190 zone, within 6 days - or April 3rd.
I write these ideas, so I have a record of my analysis.
Disclosure: I am holding LTC at $174.50 :(
3 downward waves completed (point 5), suggesting a possible ABC correction, which we are now about to begin a move upward (point b to point c).
Key support level from March 19th was $138, if we fall below $136, then this may fail.
Other Indicators suggesting reversal is coming:
- RSI is bouncing on the 30 level
- ADX is still trending up, but is losing momentum. Looking at the 1h chart, ADX suggests the downward trend is not strong anymore.
- -DI is falling back down
Target: $180-190 zone, within 6 days - or April 3rd.
I write these ideas, so I have a record of my analysis.
Disclosure: I am holding LTC at $174.50 :(
Comment:
Big time fail here.