Good day, colleagues!!
A brief trading idea for Litecoin (LTC) coin.
Today we will go over important levels, movement scenarios for this coin, and when to buy and what to do.
First of all, it’s important to pay attention to the strong support line that has been very effective in preventing the coin from going down.
This was the case in July 2017, December 2018, March 2020, and today we are coming back to it.
Wave Theory:
“Market price movements follow a pattern of five waves, where three of them (1, 3, 5) lead to directional movement, while the other two waves (2, 4) move in the opposite direction. The first set of waves is referred to as impulsive, while the second set is known as corrective”.
What to do and when to buy?
This is a question that concerns everyone, whether to buy now or wait for the price to drop further and buy at a lower price!
Scenario 1 (Alternative) – It’s worth paying attention to the $42 level. If the price updates the nearest LOW level, the price will drop to the support line at $33-35.
Scenario 2 (Main) – If the price doesn’t update the nearest LOW level to $42, it will reverse upward, and only then can we talk about a trend reversal.
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