Litecoin Gann Forecast - The Slaughter of the Bulls!!
My interpretation of the market has been a bit bi-polar over the past three days. Initially I was calling for a major low (right about now). The idea of a potential double bottom scenario caught my interest diverting my focus away from the idea that this market hadn't bottomed out. However I'm now certain (well as close to it as you can be in this crazy market) that we are heading to the dramatic conclusion of the correction. When I say dramatic I'm talking sub $50 for Litecoin, possibly $20.
We are currently in a major bear flag pattern which i am expecting will break today (near first vertical red line). When looking at the Gann Square overlay you can see the market has been reacting to Gann angles and range pressure points. It has failed to close above $150 which is important as this is both 50% of the current range (28/01 - 02/02) and 25% of the range of the square (27/05/17 - 19/12/17). There are Gann angles providing extra resistance and support also. Basically the market is being squeezed.
If the market breaks to the low side I expect it to retest the current low at $106. This point is 50% of the repeating section range range from the 19/12/17 High (see earlier idea). If it breaks this point the market will go into free fall as it will be weak in the square under the 1x1 angle and 25% pressure point.
My forecast for the low is 15th Feb. I came up with that date by analysing repeating timeframes, balancing time and seasonal dates.
Of course I could be wrong so please don't take this as trade advice.
Ian - Aussie Gann Trader
We are currently in a major bear flag pattern which i am expecting will break today (near first vertical red line). When looking at the Gann Square overlay you can see the market has been reacting to Gann angles and range pressure points. It has failed to close above $150 which is important as this is both 50% of the current range (28/01 - 02/02) and 25% of the range of the square (27/05/17 - 19/12/17). There are Gann angles providing extra resistance and support also. Basically the market is being squeezed.
If the market breaks to the low side I expect it to retest the current low at $106. This point is 50% of the repeating section range range from the 19/12/17 High (see earlier idea). If it breaks this point the market will go into free fall as it will be weak in the square under the 1x1 angle and 25% pressure point.
My forecast for the low is 15th Feb. I came up with that date by analysing repeating timeframes, balancing time and seasonal dates.
Of course I could be wrong so please don't take this as trade advice.
Ian - Aussie Gann Trader
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History Repeating?
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The market is now on my potential reversal day. Looking for it to false break above 50% first.
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Here are my next three pressure dates/times. In a perfect world this is how I see it panning out.