Happy Monday from DIGITAL ALPHA!
If you were like me it took an extra cup of coffee to get the motor running today. When the motor started running we found LTC/USD coming up on a deciding point. What will happen? Who knows, but it depends on what happens to BTC in the next day or two. We at DA see 3 likely scenarios playing out.
LTC is currently trading in the black descending channel. We saw a bounce off the lower support and have entered a triangle formation w/in the channel. We have three touches on the top, two-three on the bottom. Usually a breakout happens when we are 1/2 to 2/3rds into the formation. This would mean testing the support here should give us an answer, but again it depends on what BTC does. Here are the 3 scenarios.
1) Black Arrow - If BTC Bulls push confidently above $10k we can see a break of the black channel resistance and find targets of $230 and #250 based on previous resistances.
2) Blue Arrow - If the BTC whales keep splashing around the BTC pool and continue trading between $8.5k and $9.9 we will most likely continue this black channel trend and the triagnle can be ignored.
3) Red Arrow - If we see the SEC meeting, the G20 summit, and Chinese mining news go negative, this will most likely happen. We call this the BTC FUD attack scenario. We will know if this unfolds if CoinTelegraph and the 16GMT BTC dumping whale appear around the same time. What is the 16GMT whale dumper? Go look on a BTC/USD chart and see what happens at 16GMT for the past week...it was also timed with other news events, but we won't go there.
We hope this helps you and your efforts to become a Whale yourself. Make a comment below and if you have a coin you wish for us to TA, let us know in the comment section!
Take care,
- DA Bull
-----
As always - DYOR
Digital Alpha is not a licensed financial planner, financial advisor, stock broker, investment broker, or investment advisor. Before making any trades, check with a financial planner, investment advisor, tax advisor, or anyone else that controls your finances to make sure trading is right for you. The information provided here should not be construed as individual investment advice. All information presented on this site is the opinion of the author only and is not a solicitation to buy, sell, or hold any investment or security of any kind.
If you were like me it took an extra cup of coffee to get the motor running today. When the motor started running we found LTC/USD coming up on a deciding point. What will happen? Who knows, but it depends on what happens to BTC in the next day or two. We at DA see 3 likely scenarios playing out.
LTC is currently trading in the black descending channel. We saw a bounce off the lower support and have entered a triangle formation w/in the channel. We have three touches on the top, two-three on the bottom. Usually a breakout happens when we are 1/2 to 2/3rds into the formation. This would mean testing the support here should give us an answer, but again it depends on what BTC does. Here are the 3 scenarios.
1) Black Arrow - If BTC Bulls push confidently above $10k we can see a break of the black channel resistance and find targets of $230 and #250 based on previous resistances.
2) Blue Arrow - If the BTC whales keep splashing around the BTC pool and continue trading between $8.5k and $9.9 we will most likely continue this black channel trend and the triagnle can be ignored.
3) Red Arrow - If we see the SEC meeting, the G20 summit, and Chinese mining news go negative, this will most likely happen. We call this the BTC FUD attack scenario. We will know if this unfolds if CoinTelegraph and the 16GMT BTC dumping whale appear around the same time. What is the 16GMT whale dumper? Go look on a BTC/USD chart and see what happens at 16GMT for the past week...it was also timed with other news events, but we won't go there.
We hope this helps you and your efforts to become a Whale yourself. Make a comment below and if you have a coin you wish for us to TA, let us know in the comment section!
Take care,
- DA Bull
-----
As always - DYOR
Digital Alpha is not a licensed financial planner, financial advisor, stock broker, investment broker, or investment advisor. Before making any trades, check with a financial planner, investment advisor, tax advisor, or anyone else that controls your finances to make sure trading is right for you. The information provided here should not be construed as individual investment advice. All information presented on this site is the opinion of the author only and is not a solicitation to buy, sell, or hold any investment or security of any kind.