Hello friends, traders, everyone, this chart was a request from our youtube chat...
Green Box = Potential Buy Zone
Red Box = Potential Sell Zone
I don't normally trade coins against BTC, because in my opinion, its more complicated than simply trading against USD. Because now, you have two things to consider - the value of the alt coin against usd, and the value of Bitcoin against USD, and then you must compare them to one another. This can be complicated, depending on the state of the market, the state of the coin, etc.
Strictly on a technical basis though, LTC completed a 62% retrace against BTC on a macro level, and had a smaller impulse wave subsequently to that. Now, its pushing up against Fib resistance the 2.236 Arc, so we have to see which way it breaks from that. I would guess it will probably break to the downside and reach for the 70% retrace area highlighted by the lower green box. All in all, I wouldn't take an entry here, choosing to stay out and watch these levels carefully for reactions. After that, the 127% can be safely targeted on a later breakout.
A break of the red box, would lead to further downside.
Good luck traders...
Green Box = Potential Buy Zone
Red Box = Potential Sell Zone
I don't normally trade coins against BTC, because in my opinion, its more complicated than simply trading against USD. Because now, you have two things to consider - the value of the alt coin against usd, and the value of Bitcoin against USD, and then you must compare them to one another. This can be complicated, depending on the state of the market, the state of the coin, etc.
Strictly on a technical basis though, LTC completed a 62% retrace against BTC on a macro level, and had a smaller impulse wave subsequently to that. Now, its pushing up against Fib resistance the 2.236 Arc, so we have to see which way it breaks from that. I would guess it will probably break to the downside and reach for the 70% retrace area highlighted by the lower green box. All in all, I wouldn't take an entry here, choosing to stay out and watch these levels carefully for reactions. After that, the 127% can be safely targeted on a later breakout.
A break of the red box, would lead to further downside.
Good luck traders...
