LTC BITFINEX:LTCUSD is looking like a breakout is coming BUT we need another leg down to complete the D-E within the triangle. This analysis is marked Long because I simply see this as a buy setup. Hourly LTC BITFINEX:LTCUSD
RSI matches our A-D so far throughout the triangle on all time frames which is one of the biggest mistakes traders miscalculate when thinking a A-E is forming. This leads me to believe we need this last leg down.
We have had some heavy sell pressure on the ₿TC pair directly above our current range as seen with the volume profile on the right, overall sell pressure has been dominant on top of the triangle but will tire out with one last completion of the wave for a strong sturdy rally out of it. All of this is dependent on ₿TC's pair dominance in the market as with all alt coins, but our larger caps are starting to see separation the last 30 days from BTC's dominance. (See XMR and ETH also)
I expect an almost perfect Tom Demark hourly 1-9 on this D-E as shown in the last B-C creating a perfect buy setup as long as our RSI and volume indicators such as the ADX and OBV match the current levels we are seeing on all time frames, below is the hourly ADX (yellow) and OBV (blue).
Always use stop losses even on non-margin trades, in this case it would be set directly below the Ichimoku cloud (Kumo) bottom. (Leading Span 2) Again, keep an eye on BTC's dominance, BITFINEX:BTCUSD I recommend adding a BTC overlay on your LTC BITFINEX:LTCUSD chart to watch for pair divergences when entering this trade.
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LTC continued upward, I am monitoring it to see if it continues and the buy setup is cancelled or if the triangle is just creating a larger top.
Is this for Litecoin USD? Why are your numbers in decimal points on the right? I bought in at $300, but wanting to buy more at that level or below. Do you predict it will still drop?