LTCUSDT - Long to $192, or Short to $158?
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Yesterday, I went long at $179.32 when I saw an Ascending Triangle with resistance at $192.
Price fell below the $175 level of ascending support in the Ascending Triangle, which perhaps suggest the Ascending triangle failed to work out.
Others people called that same formation a Bear flag instead of an Ascending Triangle because of the previous drop creating a pole.
Price movement & trend:
- Broadly, major downtrend in force since December 2017.
- More recently, still in a downtrend since March 6th.
- 55 EMA is trending downward since the last peak of $192
- 9 EMA and 20 EMA are also showing downward trend.
- MACD shows converging histogram, and is moving sideways. Could this suggest a possible move up?
Oscillators:
- RSI bounced off the 30 about three times, and the bounces were weak
- RSI appears to have ascending support levels, showing bears losing steam
- Is it possible the weakness indicates oversold levels, and we are ready to see a move upward?
Volume:
Declining volume also suggest bears are losing steam
Predictions:
1) Short (blue line). I see a downward Elliott Wave, and we are at wave 3, bouncing up to about $176 , then falling down further down to $158.
2) Long (red line). An impulsive Elliott Wave could move up and test the $192.
What do you all think?
Do you agree, or disagree with anything of my ideas?
Feedback is greatly appreciated!
Price fell below the $175 level of ascending support in the Ascending Triangle, which perhaps suggest the Ascending triangle failed to work out.
Others people called that same formation a Bear flag instead of an Ascending Triangle because of the previous drop creating a pole.
Price movement & trend:
- Broadly, major downtrend in force since December 2017.
- More recently, still in a downtrend since March 6th.
- 55 EMA is trending downward since the last peak of $192
- 9 EMA and 20 EMA are also showing downward trend.
- MACD shows converging histogram, and is moving sideways. Could this suggest a possible move up?
Oscillators:
- RSI bounced off the 30 about three times, and the bounces were weak
- RSI appears to have ascending support levels, showing bears losing steam
- Is it possible the weakness indicates oversold levels, and we are ready to see a move upward?
Volume:
Declining volume also suggest bears are losing steam
Predictions:
1) Short (blue line). I see a downward Elliott Wave, and we are at wave 3, bouncing up to about $176 , then falling down further down to $158.
2) Long (red line). An impulsive Elliott Wave could move up and test the $192.
What do you all think?
Do you agree, or disagree with anything of my ideas?
Feedback is greatly appreciated!
Nota
wow. seems like the price is tracing the blue line perfectly... looks like it is hitting support at $165 now. Not sure if it will go lower to $157.
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