Recently, I've been seeing some feedback in my comment sections, from people who are questioning my post in LTC, while still having targets in BTC and others. People were saying that it didn't make sense, and that it was stupid and so forth.
Well, here is the reasoning, which I've made very clear in all of my analyses. As I've stated, the targets that I produced on my charts, which were derived from measurements of structures, would only be reached if the respective structures retraced to 100% of their corrective potential. As you know, LTC reach the target. However, BTC , ETH, XRP and others, did not yet reached their targets. I've always said that structures don't always retrace to 100% of their potential. Those statements are publicly available in my previous posts, and that concept is common knowledge in . Likewise, structures don't always break out to 100% of the breakout potential. Sometimes they do, and they go even farther. The point is, with each chart, I was simply trying to illustrate the maximum downside potential, based on the structures created on the chart. The current bounce is nice, and it could definitely be a bottom in the bear market. Or, it could be a dead cat bounce, before this market swallows the bulls like chunks of chicken soup. Personally, I'm long, but with very tight stops. I have seen way too many bear markets pop, only to quickly reverse and destroy the bulls. There is immense damage on this chart, and the majority of the resistance is to the upside. Don't let a little bounce, blind you into thinking the coast is clear. If you want to be , theoretically, it would probably would be wise to exercise caution in your trades. Personally, I won't be a hardcore bull, until we get back above the heavy resistance.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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