Looking at the 4hr time frame for LTCUSDT , we can see that LTC is forming a bear flag . Usually, this is seen as a bearish pattern , however I believe it is also important to consider the cryptocurrency market in general. Based on the top 10 largest cryptos, LTC is actually performed the worst the past week at -19%. To me, this indicates that LTC along with BCH and XLM could very well soon see large pumps similar to ADA, LINK, and DOT.
We can see that LTC has respected the 0.382 Fib level consistently the past few days, and is currently trading within this channel. I am currently bullish on LTC and beleive that we can break above the channel and head towards $200.
The first scenario is the bullish scenario, where we break above the channel, either retest the channel or the 0 fib level before heading to $200. If we can have a clean break through the blue structure, we will further need to see if LTC can break through the channel as well. The second scenario is the bearish scenario, which will happen if we break below the 0.382 level and the channel. I will be watching LTC closely and adjust my position appropriately.
We can see that LTC has respected the 0.382 Fib level consistently the past few days, and is currently trading within this channel. I am currently bullish on LTC and beleive that we can break above the channel and head towards $200.
The first scenario is the bullish scenario, where we break above the channel, either retest the channel or the 0 fib level before heading to $200. If we can have a clean break through the blue structure, we will further need to see if LTC can break through the channel as well. The second scenario is the bearish scenario, which will happen if we break below the 0.382 level and the channel. I will be watching LTC closely and adjust my position appropriately.
Comment:
We didnt break the 0.382 and broke through the 0 level. Looks like its LTC's time to shine!
We didnt break the 0.382 and broke through the 0 level. Looks like its LTC's time to shine!
We did break below the channel but LTC has very strongly respected the 0.382 fib level.
If we break below 0.382 I will be bearish on LTC, but if we break into the channel again I will be bullish.