Hi guys, just a quick update, hope your short positions are well in the green. LTC is falling quite quickly and when you look at historic prices it doesn't have much resistance until $50 so it may breach this channel downwards.
Sell off has been massive, RSI on BTC (which dictates the market) is 30, at the moment, and it usually stop at 27, so we may see some recovery/consolidation period starting to unfold in next 24-48hrs. Long vs Short % reached 54v46 comparing to 63v37 from just 4 days ago. If shorts overpower the longs again we may see a mini bull run (just exchanges manipulating the markets / taking in the profits).
So the markets still have enough indicators to back up another punch down before we see some consolidation.
That is short-term, mid-term - I stand by my wave count, last edited on May 1st, and I expect to see the BTC near the $4500 sometime in the near future.
Stay safe - and just observe chart patterns & indicators - no emotions/beliefs because crypto is just a pump and dump market (SHOCKING...not)
Sell off has been massive, RSI on BTC (which dictates the market) is 30, at the moment, and it usually stop at 27, so we may see some recovery/consolidation period starting to unfold in next 24-48hrs. Long vs Short % reached 54v46 comparing to 63v37 from just 4 days ago. If shorts overpower the longs again we may see a mini bull run (just exchanges manipulating the markets / taking in the profits).
So the markets still have enough indicators to back up another punch down before we see some consolidation.
That is short-term, mid-term - I stand by my wave count, last edited on May 1st, and I expect to see the BTC near the $4500 sometime in the near future.
Stay safe - and just observe chart patterns & indicators - no emotions/beliefs because crypto is just a pump and dump market (SHOCKING...not)
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Closed my longs at the middle of this channel ($61).
Will wait and if we get a push up from BTC, I'll open short near $70 mark. Channel is still valid so this is a possibility.