What's up traders, hope you're all having a wonderful weekend.
Let's take a look at LTC/USD on the 1D chart.
As you all know, we've been keeping a close eye on the big coins over the last 2 months. As it stands, price is trading at 192, trading under a resistance line that has been controlling price action since a peak of 376 on 19th December.
As it stands, price hit side-wards resistance at 219, and broke down slightly and today has been showing signals of a correction. So, what happens now? Well, there's 2 things that can happen. And they are simple: Price can continue the up move, and hit and break the side-wards resistance at 203. Or, price could hit the resistance at 203, and fall to the downside and prepare for a new up move.
Price will now likely carry on it's upside momentum to 203, and then likely stall back into structure before the next up move. I think the move now, is just a temporary upside corrective move, BUT it could still break 203 and go to the highs. So we will soon find out how it goes
Bare in mind, this is a short term forecast. Also bare in mind my target zone is a very long term target zone.
Guys just a side note with some words of wisdom of mine. Always remember this: Trading is a BUSINESS. If you don't treat trading like a business, each trade as a BUSINESS DECISION then, you will fail at trading. There is a lot of traders on this site who always treat trading like a joke in the way they write their posts.
Trading isn't about being enticed by convincing words and entertaining commentaries to make investments. Trading is about trading what we see, and not what we think. Never, ever follow an entertaining, witty analysis on TradingView, follow the facts, and not the fun, and then you will actually begin to make proper money.
I will update this analysis when I receive above 40 likes.
Very good TA.
A greed, we are in my opinion in the middle of a local bounce, and there might be still some more to exploit a bit till we move back to some supports.
TomProTrader
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@Giorgioversace, I agree.
Adongdong
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It's hard when I even have to explain some of the traders here basic rules of Elliott Wave theory because their wave counts are completely off... Yet they are so opinionated on their take on news, and completely ignore technical aspect of trading. I guess a lot of "new traders" think technical analysis is some sort of crystal ball that tells you how the price will move in future, rather than a tool to find a right place for bet. I've been quite dissapointed with a lot of traders that make to the top list, are just flat out result oriented. I guess that's just one of the trade-offs of so called "Social Trading".
TomProTrader
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@Adongdong, I've read this 7 times but have no idea what you are talking about so far.
Can you explain it in another way?
Thanks.
Adongdong
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@TomProTrader, I apologize for the confusion. I was just commenting on your side note, that it's just fundamental issue with social trading. After all, majority of people come here to have traders make decision for themselves, and they choose their favorite traders based upon something that's completely irrelevant to trading.
A greed, we are in my opinion in the middle of a local bounce, and there might be still some more to exploit a bit till we move back to some supports.