Here is my update on the LTC market! Lets jump right in!
On the 4hr chart, we can see that there is a large Bull Pennant (not Flag) that has been formed since the latest major run.
Inside this Large Bull Pennant, we can easily see a small Bull Pennant has formed. Notice how the flag of the small pennant is the largest seperation of the larger bull pennant. This is important to note, because it brings a 2 part equation to my Target # 1, should LTC breakout above the top level of the Large Pennant.
There has been a bearish cross on the MACD, however it is not extremely strong, and the MACD level is still above +10!
I believe that if LTC breaks above the top of the small pennant, we will see a corresponding break of the large pennant the my Target 1 would then be activated.
For educational purposes, if LTC were to break the top of the small pennant, it would be a buy signal for Target 1. Additionally, if LTC breaks the top of the large pennant, Target 2 would be in our sights.
But wait, dont those 2 coincide with each other? Well, yes, they do! But I would treat them separately and stagger your buying.
I say this because, I could easily see Target 1 be met, then a correction back down to our current levels, before continuing our move to Target 2. In short, I am looking at Target 1 to be met in the short term, while Target 2 should be met, however it may take us a little bit longer to get there!
Thanks for reading guys, and as always, comments and questions are always appreciated and welcomed!
Stay safe trading my friends, and keep an eye on those markets!
-BMAD
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CRITICAL ALERT.
LTC has dropped to the bottom of the large bull pennant. To my knowledge, the LCC fork has not happened yet, so this selloff is quite confusing. We need to be very cautious here, as a break of the large bull pennant would leave this analysis invalid, however it would need to be a close below, and not just a temporary break. If it closes below the large bull pennant, i am looking at the 50 day EMA and the 205 levels as immediate support. There could also potentially be another sell off after the LCC fork, albeit im not expecting it to be extremely overwhelming, but if this happens at the same time of the breaking of the bull pennant, well....we could be retracing back much further than originally thought, and we may have to question if this was a true market reversal, or is there actually one final drop to the bottom? Only time will tell, I will be following this EXTREMELY carefully over the next few hours, at the sacrifice of precious sleep!
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Well the Fork has come and gone, and we did see a swift drop to the 213 levels right after the LCC fork. However, we recovered quite quickly, and my thoughts about the LCC not being a huge driver of price was correct. Now we will continue our original trend, and potentially see some nice gains should we break to the upside of the Bull Pennant! I will post a new chart update later on today! Trade safe my friends!
@CryptoBuzzAnalyst, I am 100% aware of the upcoming Fork in LTC. However, I do not believe it to be the main driving force of price action, therefore i dont believe it will be a major driving force once its complete. You also have many other fundamentals that have been happening. Litepay, for example. Also, a long time undervalued coin is another. I think we could see a little dip after the Fork, but I dont envision a major drop. I could be wrong though, and if LTC break out of the Bull Pennants to the downside, i see a bounce around the 205 areas, so much support has formed for LTC. I think a drop to 215 and a bounce is the most likely scenerio (if LTC breaks to the downside of the flag) But I still lean bullish, and believe it breaks to the upside, and a selloff after the fork may delay Target 2, but i just dont believe there to be that much volume due to the fork! Thanks for the chart and input, very intuitive and interesting idea! I will be following all of this very carefully!
CryptoBuzzAnalyst
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@bmad316, Yeah, thanks for your input. I think your right it will be a dip or pull back after fork. How much is the big questions. In any case, if it dips i will buy at a cheaper price I hope.. Thanks..
bmad316
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@CryptoBuzzAnalyst, most definitely! I have been eager to initiate a trade for a couple of days now. I am waiting for this pennant to break, which i believe will happen after the fork. Tomorrow will be interesting. If it goes above, im activating my long trade, and if it goes below, im turning to my short options, just to pick up a bit more coin! Exciting times in the crypto world! Love having a community to share and learn with! Good luck sir!