LTC still looks corrective
Back on December 26, I said that my corrective target for LTC was around $90 and we've basically been moving up ever since then.
We are nearing the wave 4 target, meaning a wave 5 should be coming. There's a simple trade setup here. You can short a move into $90 with a stop loss at the low on February 24 at $91.50 - Violation of that 91.50 area will weaken my bearish stance.
I have to acknowledge (and you should, too), the red and white wave which are the highest timeframes on the WaveMaster indicator. We've only been in oversold for the red and white 3 times and each time led to a large increase in our good friend Litecoin.
This is the only reason why I am cautious here. Could we see a bigger move up from here? Possible. From an EWT perspective, we should make another low and head back to $20-$30 at some point. That is where I'd be interested in buying long term. It could take longer to get there than you'd think.
We are nearing the wave 4 target, meaning a wave 5 should be coming. There's a simple trade setup here. You can short a move into $90 with a stop loss at the low on February 24 at $91.50 - Violation of that 91.50 area will weaken my bearish stance.
I have to acknowledge (and you should, too), the red and white wave which are the highest timeframes on the WaveMaster indicator. We've only been in oversold for the red and white 3 times and each time led to a large increase in our good friend Litecoin.
This is the only reason why I am cautious here. Could we see a bigger move up from here? Possible. From an EWT perspective, we should make another low and head back to $20-$30 at some point. That is where I'd be interested in buying long term. It could take longer to get there than you'd think.
CE - BitDoctor
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Beware of scams - I'll never DM you asking for funds.
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