FaalHaas
Long

LTCBTC ratio finding a bottom, fasten your seatbelts

BTCE:LTCBTC   Litecoin / Bitcoin
8 months ago
With the Ethereum             bubble fueling loads of altcoin pumps these days, most people are keeping such a close eye on it that the accumulation on LTCBTC             seems to have gone largely unnoticed. Litecoin is even considered dead by some traders, which to me signals a great buying opportunity. It is not a matter of if, but when Litecoin is going to pump again and when it does, people will be rushing in from all places to get in on some action.

The weekly Bollinger Bands 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             volatility.

Expect to have to take profit between .025 and .03 levels, although volatility could potentially send it up as high as .04 and beyond.
8 months ago
Trade active: Long from .0077. This may still be a little premature as bitcoin hasn't made a decisive move yet, but price action is looking good so far.
7 months ago
Comment: Ratio hitting .0075 on what appears to be a bitcoin breakout to the upside. We are at the bottom of the weekly Bollinger Bands with daily and weekly Williams %R oversold, decision time is upon us.
7 months ago
Comment: We have liftoff! Our weekly bottom held and we ended the week with a hammer. Conservative buyers may still want to wait for a close near or above the weekly Bollinger Bands, but daily and 3d are showing strong signs of a breakout to the upside.

snapshot
7 months ago
Comment: We've broken above the daily 200EMA after finding support below it. This happened only four times earlier in the history of my chart: July 2012, February 2013, December 2013 and June 2015. After the breakout, LTCBTC continued upwards to highs of .01, .045, .05 and .03 respectively.

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.

snapshot
7 months ago
Comment: Well, this is interesting. I was going to post an update yesterday that it would be likely we'd see a retest of resistance at the daily 200 EMA, but I didn't get around to it as I was very busy last week. Yet here we are.

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.

snapshot
5 months ago
Comment: Well obviously the current Bitcoin cancelled the first attempt to break from the long term range. I took profit on my long after the rejection candle on May 28th and I have been waiting to get back in on a position.

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!
coinwatcher
8 months ago
great analysis. matches my sentiments exactly. patience will bring us to the promise land.
+1 Reply
btc_joe
8 months ago
LTC/BTC break out?
Reply
JoeyBeauchamp90
8 months ago
Hi Guys,

Whats the general concencous a month on... seems to gone very quiet... ETH talking all the headlines too obv. and with LTC pretty much a clone version of BTC i guess it is also mirroring its sticky development perdiod it seems to be going through. Just standard growing pains its true...
Reply
FaalHaas PRO JoeyBeauchamp90
8 months ago
I am still bullish on this pair. ETH is definitely taking the headlines, but it has already quieted down both in news reports and trading volume. Like all bubbles it will pop eventually. I don't follow it much, but the ETH bubble seems to have been deflating over the past weeks already and I think it has probably topped for now. I am not saying ETH doesn't have a future, but I will not consider buying it unless it confirms a solid bottom and fair value (imo) at or below .01BTC.

Also don't forget that ETH still lacks infrastructure; LTC has been traded on pretty much all exchanges for years and it has a solid base as a speculative asset in China. It is the sleeping giant of altcoins. If BTC start showing signs of a breakout to the upside it's very likely that LTC will respond in kind. Heck, it may even be LTC breaking out to fuel a BTC rally. We've seen it happen in the past.
Reply
JoeyBeauchamp90 FaalHaas
7 months ago
Yeah i agree. Things with ETH are hinging in tandem with Slock.it ... there seems to be a conference in shanghai in about 6 months that they will be going to .. so i think that is where it will start to show some genuine substance, one way or an other.

Any views on DGB? Do you know much about them?
Reply
FaalHaas PRO JoeyBeauchamp90
7 months ago
Yeah, 6 months seems like a reasonable timeframe to try and find a bottom on ETH.

To be honest I don't really like altcoins at all, the vast majority of them are developed solely for their short term speculative growth and very few features cannot be implemented on the BTC blockchain in one way or another. I only trade LTC and BTC, but I do have a slight preference to LTC as it tends to be more volatile and is still tightly correlated with BTC.
+1 Reply
AndreyDrogal
7 months ago
Hi! Any updates? Thanks!
Reply
FaalHaas PRO AndreyDrogal
7 months ago
Sorry I've been busy lately. Just posted an update!
Reply
coinwatcher
7 months ago
seems to be holding steady. thoughts now?
Reply
FaalHaas PRO coinwatcher
7 months ago
It all depends on the daily 200 EMA imo, it's our strongest sign of a true breakout.
Reply
AndreyDrogal FaalHaas
7 months ago
Hi! I think the 200 EMA was broken and now we are going to the moon? XD Right?
Reply
FaalHaas PRO AndreyDrogal
7 months ago
Wait for a confirmation, we need to hold this level as support first. If the market continues its bullish trend after confirming support, then we can look upwards.
Reply
AndreyDrogal FaalHaas
6 months ago
Hi! What signal we are waiting for confirmation of holding 200EMA?
Reply
FaalHaas PRO AndreyDrogal
6 months ago
Ideally what I'm looking for is the ratio staying above this daily moving average (currently at .0087) while we reset basic indicators for another move upward. Price action is looking good so far, if we hold here and sentiment remains bullish I expect the first major resistance to be the weekly 200EMA area between .010 and .012.
Reply
ithixi
6 months ago
Any concern about this full retrace back to 900k?
Reply
AndreyDrogal ithixi
6 months ago
It seems like as bearish engulfing. It is very bad. :(
Reply
ithixi AndreyDrogal
6 months ago
Yet in China (Yubi) its still at 0.0096 maybe Poloniex is just lagging behind?
Reply
AndreyDrogal ithixi
6 months ago
It is not a lag. It is a dump. :(
Reply
ithixi AndreyDrogal
6 months ago
Not one i'm concerned about right now, or should i? :p
Reply
ithixi AndreyDrogal
6 months ago
Seems like I better was concerned with that 900K drawback, now we're back at 830K, We broke the trendline didnt we?
Reply
AndreyDrogal ithixi
6 months ago
I think LTC ratio will go to 0,007
Reply
ithixi
5 months ago
In the midst of all this price action on BTC, LTC is still struggling to recover above the 0.0085 line.
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
Reply
FaalHaas PRO ithixi
5 months ago
Yes, but for now all eyes are on Bitcoin. Keep an eye out for interesting buying opportunities on LTC (or other alts for that matter).
Reply
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