Massive Crypto dump, LTCUSD Long play ~$40-$50
Drawing fibs from the bottom to these 3 tops shows the price clearly interacting with these support/resistance areas.But we're looking SPECIFICALLY at the 0.786 fib level. I'm going heavily long 40-41, stop loss at $38. Target around $49. Why LTC? The chart is much more simple, and LTC usually bounces well during catastrophic drops like we had today. I can easy see a 25% move from $40 to $50, but with BTC also holding at a 5.3K fib level, I cant see BTC making that same 25% move upward with the currant long/short ratio. 5.3K x 125% = 6.65k, which I see as less likely than $50 LTC. Another could play could be ETH considering the amount of shorts added today, but I feel less comfortable with it.
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