The previous analysis worked out very nicely but this time there are much more uncertainties in the market. On the lower time frame if looks like LTC broke a small support line which looks like a H&S, but these are not reliable. Of course depending on what Bitcoin and Tether will do, i think the price might move in to the green zone and could slowly turn up again. If the support zone breaks with a max of around 50, the chances become very big for an even bigger drop. Only if the price can break the 54ish, we can start to think of more bullish movement. So the 54 is the level to break for the LTC bulls. The yellow circle looks like a bear trap, that's why i don't want to see it get below the 50.
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Previous analysis:
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Never got above the 54ish and while dropping into that green zone, there was now real bounce up in that support zone. It has dropped below the 50 and is around that yellow bear trap zone. This is bad for the LTC bulls. IMO it should have stayed above the 50, now it is in a danger zone. Unless we see a push up the coming day or 2, breaking that trend line from the past 2 weeks.
I have been accumulating in the 51-53 dollar range since August. I'm ready. if it goes down for another leg I'll buy more. not a problem.
botje11
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@Snuby3, You got some big balls :) If Tether doesn't mess things up, i think you have a chance for succes. If volume increases as well in crypto, your chances will become even bigger
Snuby3
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@botje11, I'm so far in the positive from inverse trading the bear market that I can afford the market to plummet quite a lot still - and i'd still be in the positive.. so.. it's not really all THAT ballsy. lol thanks though. I don't know, I've just felt quite confident the whole time that the bottom was forming here. When I first got in back in the day- I bought into a top and lost 70% is short order. and that eventually went up 800% so, i mean.. i'm not scared. LTC is legit.
Snuby3
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still seeing LTC follow this downward sloping channel, which, it just tested the first support at the bottom of. I have noticed, a lot of the time, these downward sloping bear flag type features can break back upwards, so, it will be interesting to watch how it continues to respond at the bottom of this channel. imho