Litecoin Confirmed The Potential Reversal Zone For Bearish Bat
Lewis Glasgow | Mar 21, 2019 05:55PM ET
Litecoin has now confirmed the potential reversal zone for the bearish bat on the daily timeframe, I've been monitoring the progress of this setup for several weeks and watched the C to D leg materialise. This opportunity is purely based on technical measurements and the reasoning for a market correction is perfectly logical.
Let's quickly review the previous price legs which lead us to the current price.
The price leg from A to B measured an overall increase of 87.99% over 32 days.
This was soon corrected by an exact 30% decrease in the B to C movement lasting only 14 days.
Our focus is primarily on the C to D leg which seen a 116.82% increase "ending" at the confirmation of the 0.886 XA measurement, this move lasted a total of 55 days.
My expectation is that we will see a near term correction to the 0.382 retracement resulting in a 24.82% correction. Ultimately based on whether the reversal takes place the optimal target is the 0.618 retracement with a 40.16% decline.
Pay attention to the structure shown below on the daily chart, this provides a basic indication of how price is currently moving.
Once the reversal takes place I would monitor the support trendline in order to confirm a continuation to the 0.618 retracement.
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