The weekly are coming together and while we could still accumulate for a couple more weeks, a significant move to the upside is definitely in the making. A buy-in with a stop around .006 yields a great risk-reward ratio and with the LTCBTC-ratio as tight as it is right now, holding LTC will still allow exposure to BTC .
Expect to have to take profit between .025 and .03 levels, although could potentially send it up as high as .04 and beyond.
If we hold this level and continue to see strength it is very likely that we are going to see some serious LTC pumping action the coming weeks. The fomo is strong with this one.
We had a pretty volatile selloff from April 27th onward that was initiated by LTC, causing BTC to retest previous triangle support. Note however that we were far outside the daily Bollinger Bands on LTC at the time. I expected a retrace, but I didn't think it would be as volatile as it was. That said, the retrace held the 4h 60 EMA, which has always been a strong short-term trend on this pair.
There are two cases to be made here. The bearish case is we stay under the daily 200 EMA and fail to break it before the end of May. This would have us loose momentum on the weekly time frame, which is currently the strongest sign of a break to the upside.
If the current bullish trend is to continue, it is mandatory that we break the daily 200 EMA, preferably within a week so that we can keep the daily momentum going. We then either blow past this EMA or we retest it as support first. Like I said before, holding this EMA as support has always been a super bullish indicator in the past.
History has shown that profits from a Bitcoin rally tend to spread to altcoin pairs, so I will be closing my BTC position and build my LTC portfolio again at our current range from .007 to .008. Good luck trading this pair, it is a great time to be active in the crypto market!
I imagine (got no TA background) that it will blow up once it breaks that 0.0085 resistance. Any heads up or insights?
On top of that the LA roadmap is about to be finished in two tweeks https://twitter.com/TheRealMage/status/741821028167516164