It's Value Season for Litecoin! Accumulation Starts HERE
Okay gang, I'm gonna be talking about LTC a LOT in the coming months. With this nice dip, "Litecoin Season" has officially started. My goal is just to pick up 10 LTC for my nice quaint little portfolio, and end up with 20 after swing-trading the channels as time progresses. But for now, let's look at what the charts are telling us about the price action.
As you can see, I have a big green "Strike Zone" box indicated on the chart that ranges from $59 to $80. I have already bought 3 LTC, two of which within the green Strike Zone. I'm personally waiting for the next leg down when BTC takes another corrective dip. With that big fat volume profile node sitting at the bottom of the Strike Zone, I think grabbing $60 Litecoins will be possible. So I'm waiting for the next corrective move to continue my DCA (dollar-cost average) strategy.
Right now, the 4-hour stochastic is showing the possibility of a rebound, as we appear to be bottomed out and ready for the next cycle up. My eyes will be fixated on what price the price line returns when we hit the next stochastic peak. If we print a lower high, the chances of being able to buy those $60 Litecoins will be great. It would be a confirmation of a downward swing channel, but I don't think this channel will last long. I think we are still in the midst of a bull market, so the down swings should not keep pace with the up swings.
One thing I can't get around that really looks ugly on this chart is the OBV. It took a nose dive after that price peak and selloff. What I like to see after peaks is an OBV that keeps a level line, and does not show a dump. This chart tells me that the whales and institutional buyers have sold off their LTC heavily. It might not matter though, because with the recent news centered around Litecoin and PayPal, I'm pretty solidly sure those whales are going to swim right back into the cove and gobble up whatever was dumped, but at bargain prices.
Stick with me on this if you're a big Litecoin fan. Things are about to get interesting, and with the fib set I have identified on this chart now, I think we might get a few clues before the next big pump happens
NOT financial advice. Just for fun. Don't listen to me or you will lose ALL of your hard-earned money.
Carlton Flowers
The CryptoPro
As you can see, I have a big green "Strike Zone" box indicated on the chart that ranges from $59 to $80. I have already bought 3 LTC, two of which within the green Strike Zone. I'm personally waiting for the next leg down when BTC takes another corrective dip. With that big fat volume profile node sitting at the bottom of the Strike Zone, I think grabbing $60 Litecoins will be possible. So I'm waiting for the next corrective move to continue my DCA (dollar-cost average) strategy.
Right now, the 4-hour stochastic is showing the possibility of a rebound, as we appear to be bottomed out and ready for the next cycle up. My eyes will be fixated on what price the price line returns when we hit the next stochastic peak. If we print a lower high, the chances of being able to buy those $60 Litecoins will be great. It would be a confirmation of a downward swing channel, but I don't think this channel will last long. I think we are still in the midst of a bull market, so the down swings should not keep pace with the up swings.
One thing I can't get around that really looks ugly on this chart is the OBV. It took a nose dive after that price peak and selloff. What I like to see after peaks is an OBV that keeps a level line, and does not show a dump. This chart tells me that the whales and institutional buyers have sold off their LTC heavily. It might not matter though, because with the recent news centered around Litecoin and PayPal, I'm pretty solidly sure those whales are going to swim right back into the cove and gobble up whatever was dumped, but at bargain prices.
Stick with me on this if you're a big Litecoin fan. Things are about to get interesting, and with the fib set I have identified on this chart now, I think we might get a few clues before the next big pump happens
NOT financial advice. Just for fun. Don't listen to me or you will lose ALL of your hard-earned money.
Carlton Flowers
The CryptoPro