Aerot

LTC Consolidation & Breakout, Or Retest Of New Lows

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Another weekly look at potential EW count of LTC's current downtrend.
In this iteration, I label the major points W-X-Y as opposed to A-B-C in my previous post.
The major count re-labeling is negligible here, and merely up to interpretation of the analyst.

Importantly, we observe LTC quickly approaching its 200 Day EMA - price action in this area should allow us some insight looking forward.
Dark blue count explores the potential of meeting strong resistance here and being pushed back into another impulsive wave down.
Dark green count takes the perspective that our bottom has been reached and we will look for a push above the 200D EMA for some further evidence of this.

In either scenario, things are quite interesting right now.
Happy trading.
Comment:
Closed above 200-Day EMA.


Target: Break 200 EMA on weekly @ ~53.50

Comments

Break Out
+2 Reply
higher highs coming
+1 Reply