After a longer and slower than expected consolidation, COINBASE:LTCUSD broke the trend, then had a small pullback, followed by a consequent impulse to the upside.
For those who aren't yet in the trade from the break or the pullback, monitor price structure closely on the 4hr timeframe: the pair could complete this small "abc" corrective structure to the downside soon, in which case it would be a good idea to buy upon the completion of the "c" leg of said correction.
We expect COINBASE:LTCUSD to go and break the previous top, in the $475 area.
Updates on smaller timeframes will follow.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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