I agree with many traders that LTCUSD has important level around $66.
I also agree that we can expect bounce from $66.
But I would also like to disscus about another scenario.
"What to do if B Line at $66 is broken"?
This is my Litecoin Cypher Scenario.
Cypher Pattern – Rules:
The Cypher pattern starts with a market price that establishes the X and A points. Once this leg is determined, the pattern evolves.
Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA
Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension level
Point D is formed when it retraces 0.782 Fibonacci level of XC
Point D is also where prices are expected to reverse
Targets are determined as 0.382 and 0.618 Fibonacci retracement levels of the CD leg.
THIS IS NOT AN INVESTMENT ADVICE !
I also agree that we can expect bounce from $66.
But I would also like to disscus about another scenario.
"What to do if B Line at $66 is broken"?
This is my Litecoin Cypher Scenario.
Cypher Pattern – Rules:
The Cypher pattern starts with a market price that establishes the X and A points. Once this leg is determined, the pattern evolves.
Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA
Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension level
Point D is formed when it retraces 0.782 Fibonacci level of XC
Point D is also where prices are expected to reverse
Targets are determined as 0.382 and 0.618 Fibonacci retracement levels of the CD leg.
THIS IS NOT AN INVESTMENT ADVICE !