As you can see, that the re bounce of LTC is not strong enough, and it has been suppressed by the lower pink track, so as what I see is the left shoulder has been formed, also the Stoch RSI has cross down in the over bought zone.
So, the neck line around 255YUAN will be test again, which is also the MA144 of 6H, if it breaks, I believe LTC will reach 50~61.8% Fib level.
I have closed all my position and leave the market for a while, Good Luck.
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With the wave detail.
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"Right" shoulder, for correction.
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There is also a small H&S in 2 hour class.
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If LTCUSD the 1 day chart the lower blue track not hold, which is also MA60, that will drag Stroch RSI down, so, $34.5 will be tested.
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Step by step, 276yuan ahead, if it break, move to next level.
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When faced with information that does not agree with their internal structures, they deny, discredit, reinterpret, or forget that information.
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By the end of this month, the entity of the candle will shows what will happen, for now it's the first time it turn into red, so, I'm not suggesting to re buy LTC too early.
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LTC is too weak, the market needs to find another bottom...
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MA60 on 1 day is broken for the first time, 261yuan of the neck line is the last defense.
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The neck line and MA 144 of 12H holds for this time, with the Stoch RSI reaching the over sold zone on 12H chart, I think LTC will take few days for adjustment, and again, I think the drop trend on week chart is not finished yet.
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LTC/BTC got support from 0.0142
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Let's wait and see.
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LTC down trend finished.
Trade chiuso: obiettivo raggiunto
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LTC down trend finished. I will continue update.
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Too busy these days.
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LTC will be stronger than BTC in next 3 or 4 weeks.