I have been shorting the market lately, not because I am bearish nor bullish, frankly, I don't care. I just trade according to what the market conditions are.
Now with BTC breaking below the 40K, and if it keeps going this way I am 75% sure this idea will play out.
LTC has it 5%-7% drop, and now it is breathing till the next move. What is the next move? this is what I think.
There are two scenarios:
1- LTC go back and try to hit the resistance(previous support) area and while BTC is below 40k it won't break it, and it will get rejected from the box zone 111$-110$ level, then I will take a short from there to the next level 107$ and will assess the market after that.
2- LTC skip the retest of resistance(previous support) and break the triangle down to my TP1, TP2, and if we are lucky TP3.
Cheers :)
Now with BTC breaking below the 40K, and if it keeps going this way I am 75% sure this idea will play out.
LTC has it 5%-7% drop, and now it is breathing till the next move. What is the next move? this is what I think.
There are two scenarios:
1- LTC go back and try to hit the resistance(previous support) area and while BTC is below 40k it won't break it, and it will get rejected from the box zone 111$-110$ level, then I will take a short from there to the next level 107$ and will assess the market after that.
2- LTC skip the retest of resistance(previous support) and break the triangle down to my TP1, TP2, and if we are lucky TP3.
Cheers :)
Comment:
BTC over 40K. idea nullified