Now that the 190 level has fallen, we should see it move down further to at least 150. My entry point of 171 was barely missed and it has bounced off that area pretty well. I am going to be moving my buy just slightly down in the high 160's since it most likely going to push through this 170 level at this juncture. I would imagine that we will get a strong bounce off the 150 area up to the 170 area, where I will look to take some profit if it does that. My last major area to watch is just above $100. If we start bottoming out it should happen just above around $110-120. This will be a good place to play for a bounce and potentially a longer term play to the upside. As always, make sure you use a Martingale strategy to go into this points if we get sharp drops.
Technically, we have a strong MACD
cross on the day chart and RSI
looking grim. On this 4 hour, we have MACD
in negative territory and some RSI
divergence which is keeping it up a bit. When the next wave hits, we will most likely see a move further down past this 170 level.
Martingale your points in, don't stress, don't use leverage and pick your points!
Check out my last analysis on LTC - Longer post -