After weeks of gains, with only small retracements the market was way over-extended. Zooming out on the daily and weekly chart, we can see that ltc printed huge gains without much interruption.
As a result, we have pulled back deep into our gains. We fell well below the .618 fib level. In hindsight, this correction seems fitting for our strength over the last several weeks.
I think the bottom is in. I am expecting upward consolidation. The sky is not falling!
I held through all of this, and took advantage of ltc at cheaper prices.
I am happy with where LTC has settled so far. Sitting on support at januarys top resistance can mean a set up for another strong wave.
I am very curious to see how the next weeks play out.
This is not advice, this is for my reference and record as a hobby trader.
I am a novice with little knowledge and experience. Know this.
Dont be shy to critique!
As a result, we have pulled back deep into our gains. We fell well below the .618 fib level. In hindsight, this correction seems fitting for our strength over the last several weeks.
I think the bottom is in. I am expecting upward consolidation. The sky is not falling!
I held through all of this, and took advantage of ltc at cheaper prices.
I am happy with where LTC has settled so far. Sitting on support at januarys top resistance can mean a set up for another strong wave.
I am very curious to see how the next weeks play out.
This is not advice, this is for my reference and record as a hobby trader.
I am a novice with little knowledge and experience. Know this.
Dont be shy to critique!
