LTC/USD Possibly the most pivotal point since November
Looking at the 1 hr charts, it appears the next 8 days may be the most critical point we've seen in 5 months. We've continued in a downchannel since ATH in late December. If you look at the Large Symetrical triangle which coverges on April 15th, you can see that many indicators come into play over the next week. From Feb 12-15th, there was a breakthrough of the prior downtrend channel which extended this triangle from March 8th to April 15th. After the breakthrough, a new downchannel was formed...and the top of this downchannel meets the bottom of the long term triangle on April 3rd.
Tommorrow, Mon 2/26 at 8am EST, we have a boundry which ranges from 146 (the middle of the downtrend channel) to 169 (the top of the downtrend channel). In my last TA, we had a 2 way Head & Shoulders look which played out to the downside. At the time of today's TA, We're sitting at 160. Traditional chart reading would indicate a retracement to 146, but crypto isn't traditional. If you see a dip, look to pickup coins BEFORE this level. Why? Crypto has a nice sized market cap, but it's a blip on the screen compared to World financial markets. This gives the whales the power to follow the charts and manipulate pricing in advance of patterns. If you believe in Litecoin and the future of cryptocurrency, this range may be the last "low price" opportunity before the bull market begins...if it happens.
On the flip side, we could see a jump back to 165 today (Sunday) (.786 fib ATH fib line) with upside potential to 168 (the top of the downtrend channel). Traditionally, the dips "come back" to where they started...just not sure if 159 is the bottom of the weekend dip; therefore, today is a tough day to trade. I'm watching closely here. A bounce to 165-169 and could allow US market to take over and end the downtrend on Monday. If it breaks out, we'll see resistance at 175. If this breaks, 192 is a great target. On the downside targets, 148-146 should be the bottom. I would buy here, and watch the bottom of the symetrical triangle. If it breaks, it's going to get ugly for a long time. One way or the other, I believe something major is getting ready to happen.
Either way, it looks like we're going to squeezed to the critical point by the weekend. If it dips, buy it and hope for the breakout, but watch out for the breakdown. If it breaksout, ride it to the 190 area, watch closely, and hope for an ATH run. If it reaches 190 area, you may get 1 more dip to buy...then ride it out until April 15th. Have to at least throw it out there. The end of the triangle and tax day is of concern. If coin traders who took nice profits need to cash out to pay their taxes...this could take us where we don't wan't to go...below the line. If this happens, it's tough territory as we decide if it's a temporary tax driven move or a crash. Only time will tell.
Honestly, this is the place where you believe in the future of cryptocurrency, or you don't. I do, but what do you think? Let's have a GREAT year!
This is not investment advice, this is an idea. Invest at your own risk.
Tommorrow, Mon 2/26 at 8am EST, we have a boundry which ranges from 146 (the middle of the downtrend channel) to 169 (the top of the downtrend channel). In my last TA, we had a 2 way Head & Shoulders look which played out to the downside. At the time of today's TA, We're sitting at 160. Traditional chart reading would indicate a retracement to 146, but crypto isn't traditional. If you see a dip, look to pickup coins BEFORE this level. Why? Crypto has a nice sized market cap, but it's a blip on the screen compared to World financial markets. This gives the whales the power to follow the charts and manipulate pricing in advance of patterns. If you believe in Litecoin and the future of cryptocurrency, this range may be the last "low price" opportunity before the bull market begins...if it happens.
On the flip side, we could see a jump back to 165 today (Sunday) (.786 fib ATH fib line) with upside potential to 168 (the top of the downtrend channel). Traditionally, the dips "come back" to where they started...just not sure if 159 is the bottom of the weekend dip; therefore, today is a tough day to trade. I'm watching closely here. A bounce to 165-169 and could allow US market to take over and end the downtrend on Monday. If it breaks out, we'll see resistance at 175. If this breaks, 192 is a great target. On the downside targets, 148-146 should be the bottom. I would buy here, and watch the bottom of the symetrical triangle. If it breaks, it's going to get ugly for a long time. One way or the other, I believe something major is getting ready to happen.
Either way, it looks like we're going to squeezed to the critical point by the weekend. If it dips, buy it and hope for the breakout, but watch out for the breakdown. If it breaksout, ride it to the 190 area, watch closely, and hope for an ATH run. If it reaches 190 area, you may get 1 more dip to buy...then ride it out until April 15th. Have to at least throw it out there. The end of the triangle and tax day is of concern. If coin traders who took nice profits need to cash out to pay their taxes...this could take us where we don't wan't to go...below the line. If this happens, it's tough territory as we decide if it's a temporary tax driven move or a crash. Only time will tell.
Honestly, this is the place where you believe in the future of cryptocurrency, or you don't. I do, but what do you think? Let's have a GREAT year!
This is not investment advice, this is an idea. Invest at your own risk.
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