Multiple bearish technicals, the biggest which was overlooked was that this year's uptrend was in a rising widening wedge, and it's beak down target is around $30. The price action is going down a Gann fan. The price action hugs the Gann fann trendline and then break under it to the lower gann fan trendline. We are way below most major moving averages, its so sad. Confluence of fibs and gann fan trendline reinforce price targets.
I believe we are in an ABC correction from ATH, this not wave 2 and the uptrend this year is wave 1. C usually approach lowest wave a point. $30 will corespondent to $5500 on BTC which is not impossible to reach.
The only thing that makes me bullish is that we are in a falling wedge that has been touched more than 5 times. It is supposed to breakout now, but I find these odds diminished as BTC dropped bellow its bear flag at this moment. If the situation with BTC remains as it is now, it will go $7900 which corresponds to about $49 on LTC which belows LTC"s current bear flag.
The good news if it reaches $30 and reverse trends is that this will be considered the start of wave 3 with a target of an unbelievable $3000, and that wave 5 can reach $5000. This assuming that that its an ABC correction and that wave 1 was completed at the last ATH.
If however we breakout now, then this is just a wave 2 correction of wave 1 starting at the local bottom this year. The target of wave 3 would be between $300 and $500.
There is always the possibility that LTC will just perish if it keeps going down and never recover. So one must watch for a clear trend reversal before committing to investing in LTC. It will be a very big shame if LTC would die.
I believe we are in an ABC correction from ATH, this not wave 2 and the uptrend this year is wave 1. C usually approach lowest wave a point. $30 will corespondent to $5500 on BTC which is not impossible to reach.
The only thing that makes me bullish is that we are in a falling wedge that has been touched more than 5 times. It is supposed to breakout now, but I find these odds diminished as BTC dropped bellow its bear flag at this moment. If the situation with BTC remains as it is now, it will go $7900 which corresponds to about $49 on LTC which belows LTC"s current bear flag.
The good news if it reaches $30 and reverse trends is that this will be considered the start of wave 3 with a target of an unbelievable $3000, and that wave 5 can reach $5000. This assuming that that its an ABC correction and that wave 1 was completed at the last ATH.
If however we breakout now, then this is just a wave 2 correction of wave 1 starting at the local bottom this year. The target of wave 3 would be between $300 and $500.
There is always the possibility that LTC will just perish if it keeps going down and never recover. So one must watch for a clear trend reversal before committing to investing in LTC. It will be a very big shame if LTC would die.
تم فتح الصفقة:
35.3 target reached, next target $31
