Following my current thoughts about LTCUSD (bearish) and BTCUSD (bullish), I'm taking a look at LTCBTC.
My thoughts :
Overall : looks bearish with a little bit of room to go for the bulls.
Trading stance : not entering a position yet. The room left for the bulls makes me wary about the short position I opened on LTCUSD. Yet, I'm looking forward to entering a short position once LTCBTC shows clear signs of weakness on the daily.
My thoughts :
- we broke without hesitation both yellow resistance (in play since august) and blue resistance (in play since BTC's ATH)
- we just hit 0.01 resistance (active for at least 2 years)
- we got an Elliott count for 2 impulses labeled as ABC here (could be a 123 though, didn't look far enough in the past)
- my Elliott count misses at least a bullish wave for clean C
- the 0.0105 is another resistance which corresponds to a 1.618 fib extension of previous bull run
Overall : looks bearish with a little bit of room to go for the bulls.
Trading stance : not entering a position yet. The room left for the bulls makes me wary about the short position I opened on LTCUSD. Yet, I'm looking forward to entering a short position once LTCBTC shows clear signs of weakness on the daily.