Happy weekend to you all, we have a great set up here and I want to explain to you why.
Strong buys have flooded in over the past days and everyone presumed this accumulation period was going to lead to a nice break, I have received many messages of people asking should I load up on LTC while BTC is dropping…. That would be a bad move as here the downside is much greater then BTC in my opinion.
We have a complete loss of momentum, and this confirms the downward trend you can see the cross circled in red on the Aroon confirming the downward move days ago.
When you see accumulation on LTC or any coin on the volume oscillator don’t presume it’se about to explode, if you look at the A/D oscillator we are trending down its being sold off faster then bought.
This is a great short setup, we have recently broken the 200 EMA and only sitting on a minor support, once broken the 100% retrace line is down at $95.
I have placed targets in black dotted lines, However based off indicators there is a high probability that we will reach the $95 level so your looking at profits of over 50% here.
We will have a solid bounce when we reach lower levels which will also create a good buying opportunity.
Cash Is King! Enjoy the Profits! Spend them bank them, have a happy weekend!
I think this is the fifth wave of correction, and it should go down to $75 more or less.
But what if the “mountain” has to finish its shape and gets to the bottom of it, that is $60 more or less?
It would be the wave C.
@hiimtummy, How do you know it? Just because it’s at $154 now doesn’t mean it’s not going down again.
Andbcoin
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@hiimtummy, In fact, it’s stopping again. Maybe there’ll be another down, another up, down again, and down definitely. It’s just another bear flag.
Time will tell us but you’ll see ;)
TomasDrska
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Hi thanks for your great work! I thought you'd want to know that some of your analysis are accessible only through links that you post on telegram and we can't see them on your profile among other ideas. Do you know why is that?
thanks.
TheGush
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Your other support levels are prettt accurate, so I wouldn’t say there was no major support between here and $95. $125 was pretty sturdy.
So now that we’re at $143, you expect continued serious downtrend?
Cash-is-King
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@TheGush, Yes I suspect to continue down just by overlying the crypto market and ltc we have no strength overall for these to hold and see a turning point. I did leave the targets there though incase we do get a bounce but at this stage my opinion is we have a long road ahead to $95
hiimtummy
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@Cash-is-King, do you still hint 95 is still a possibility
But what if the “mountain” has to finish its shape and gets to the bottom of it, that is $60 more or less?
It would be the wave C.