BTCryptowatch

Litecoin 50% Fib sell off as expected. Next 61.8?

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Guys today we saw Litecoin selling off from the 50% Fib level. It is common for Algo s to sell off the 23, 38, 50 and 61.8% fib levels when the market recovers from a down trend.

This may sound chinese to you but just imagine the downtrend we had since december. A fibbonacci level is drawn from the All Time High to the Bottom of the retracement we saw. the levels represent 1 to 100 % and each level in between creates reaction.

In this case, in crypto especially we see that when the markets recover from a deep low, that algos tend to sell each and every touch of such a FIB level up until the 61.8%. Once we break the 61.8, and we RETEST on the upper side of the 61.8% line, algo s tend to BUY again as a resumption of the overall uptrend.

Trading these levels can be very rewardin but you need to know what you are doing and set LIMIT orders. Dont sit there watching it thinking, ohw it will blast right trough it. It most often wont. And if it does it will come back down to retest the level it broke and you can still FOMO in if you cant handle your emotions.

so have we seen the bottom? Yeah on Litecoin i m pretty sure, last sell off on BTC             Made litecoin create a double bottom and not a lower low telling us litecoin is holding up strong compared to Bitcoin             .

It are great times, the traders market is coming back and we can recover from losses or a quiet time depending what your position is in the market.

Watch these levels, hold if you re not comfortable or use stoplosses. But its an easy to understand strategy. Just dont overtrade, trade the major levels only.


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