Litecoin - First "safe" buy area
Hi everyone,
Unless there is a surprise, which in crypto world you never can discard, I think Litecoin move is pointing south. the 112 level still can hold, but when the price tests a level too many times is likely to break it. In any case, wether the price suffers a significant drop or not, an appealing price to place a buy order (in my opinion) is the 98-100 dollars range. If it is triggered, fantastic, if not, nothing lost. The 0.382 Fibonacci retracement level matches with a long term trend line which has been valid since the start of this last bull run.
I expect a bounce at that level, not sure of the target though, as it depends on the whole market fate. Could print a right shoulder, going as high as 135-140 dollars, for example. If it fails the support (stop loss should be placed below the trend line) then we would be talking about a major red move, obviously.
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Unless there is a surprise, which in crypto world you never can discard, I think Litecoin move is pointing south. the 112 level still can hold, but when the price tests a level too many times is likely to break it. In any case, wether the price suffers a significant drop or not, an appealing price to place a buy order (in my opinion) is the 98-100 dollars range. If it is triggered, fantastic, if not, nothing lost. The 0.382 Fibonacci retracement level matches with a long term trend line which has been valid since the start of this last bull run.
I expect a bounce at that level, not sure of the target though, as it depends on the whole market fate. Could print a right shoulder, going as high as 135-140 dollars, for example. If it fails the support (stop loss should be placed below the trend line) then we would be talking about a major red move, obviously.
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
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