LTC/BTC bounced off of the rising channel support and could be approaching the resistance convergence of the downward channel of the last couple of weeks. This is also happening at the same time that BTC could be working on wave 2 of a bullish impulse wave structure. If LTC can stay above support and ride this potential impulse with strength, it will be the vehicle I use to play the impulse wave of BTC. I will also post my initial wave count for BTC and give updates as we approach wave count confirmations or if my opinion changes on anything that would make LTC weak through the impulse...but I doubt it will perform poorly. As always, manage risk using wise Risk/Reward ratios for appropriate entries and stop/losses. I do believe that LTC is going to have a very good year, so don't get greedy trying to capture every percent of gain. Set rules for yourself, stick to those rules and gear up for an interesting 2018.
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I typically do not post a BTC potential impulse count until after the close of wave 2, that way it not only confirms a impulse wave over another bullish pattern but it also allows for more accurate counts. That being said, I might as well give you what my knee-jerk count was from the break-out. To clarify, this is a BTC/USD chart so we can be better informed on what affect it could have on LTC as it climbs. I will update as more information is available and we can make a more informed decision as to the most correct way to chart this move. LTC broke upward as planned and is moving towards the convergence of the bullish wedge I previously mentioned.
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This was my chart from yesterday. Still doing the TA for today.
Can you update your idea as LTC has retracted all the way down to 0.016 BTC. There could have been a touch too much optimism in your projection but as you said, The leg 2 was not complete yet.
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@Wetdog544, Thanks for reminding me to update this chart. I should have posted a link to a char that I made yesterday morning that was posted. I have been working on todays TA and will post the update directly in this chart. Hopefully you saw this LTC update I posted yesterday, if not I have no doubt this will set up again.