With the
ETHBTC
bubble fueling loads of altcoin pumps these days, most people are keeping such a close eye on it that the accumulation on BTCE: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 BTCE:LTCUSD will still allow exposure to BTCE:BTCUSD 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.
ETHBTC
bubble fueling loads of altcoin pumps these days, most people are keeping such a close eye on it that the accumulation on BTCE: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 BTCE:LTCUSD will still allow exposure to BTCE:BTCUSD 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.
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.
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.
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.
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.
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.
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.
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.
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!
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!
