The bands are really pinched. Big move incoming one way or the other. Based upon the fact we've been at a solid fib support and the fact there's not much room to the downside on the RSI, my bet is a large move up. Be on the look out for a head fake down before the large move up.
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Might be starting the large move up.
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Cup and handle seems to be forming with volume confirmation. Ordinarily I think this would have played out over a few more days, but this market is red hot now and the Bitstamp listing only added fuel to the fire. I anticipate a 1-2 day pullback with the price possibly consolidating for a few days before a continued move up.
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I thought I'd add some FA to my TA on LTC/BTC. Many are loudly proclaiming DOOM for LTC today, and while I share the concerns having been around this market so long, I think this is not the end of the LTC.
It used to be accurate that LTC was nothing but a test bed for BTC for the longest time. Prior to LTC activating SegWit, there was no real utility that made it different from or compatible with BTC. With SegWit activated, however, this is no longer the case. If BTC manages to blow the upgrade in some way, LTC benefits imo. But if BTC manages a smooth upgrade, LTC will also take off with it for a couple of reasons.
1) With both BTC and LTC having an active SegWit, atomic swaps will be coming soon. That means seamless transfers from the LTC to BTC chains with no intermediary. Huge advancement that brings major functional utility to the LTC chain. LTC is not just a test bed anymore and will have major uses as a payment chain.
2) I cant tell you how many people I know that, when buying crypto for the first time, they dont buy BTC "because its too expensive." This is a natural human behavior (look at the theory of stock splits) and will probably lead to high fiat inflows directly into LTC. On top of that, the higher percentage gains on the lower market cap asset will be more attractive to speculators, further driving the price up. With more ways than ever to get fiat into LTC, this behavior could have a real effect.
All that being said, I would not buy right now. If your looking to get into LTC, best bet would be to wait for a break above the cup line on the daily. If this C&H is legit and takes off, it will blow past the wicked tops of the multi-year downtrend on the weekly and then who knows how high it could go. If you already have a nice bag of LTC, hodl tight. This could get interesting.
As always, the price could go either way and this is just my humble opinion.
It used to be accurate that LTC was nothing but a test bed for BTC for the longest time. Prior to LTC activating SegWit, there was no real utility that made it different from or compatible with BTC. With SegWit activated, however, this is no longer the case. If BTC manages to blow the upgrade in some way, LTC benefits imo. But if BTC manages a smooth upgrade, LTC will also take off with it for a couple of reasons.
1) With both BTC and LTC having an active SegWit, atomic swaps will be coming soon. That means seamless transfers from the LTC to BTC chains with no intermediary. Huge advancement that brings major functional utility to the LTC chain. LTC is not just a test bed anymore and will have major uses as a payment chain.
2) I cant tell you how many people I know that, when buying crypto for the first time, they dont buy BTC "because its too expensive." This is a natural human behavior (look at the theory of stock splits) and will probably lead to high fiat inflows directly into LTC. On top of that, the higher percentage gains on the lower market cap asset will be more attractive to speculators, further driving the price up. With more ways than ever to get fiat into LTC, this behavior could have a real effect.
All that being said, I would not buy right now. If your looking to get into LTC, best bet would be to wait for a break above the cup line on the daily. If this C&H is legit and takes off, it will blow past the wicked tops of the multi-year downtrend on the weekly and then who knows how high it could go. If you already have a nice bag of LTC, hodl tight. This could get interesting.
As always, the price could go either way and this is just my humble opinion.
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I'm getting close to pulling the plug on this position, BUT I have been shaken out of LTC so many damn times that I'm not going to do it this time. The polo book is being heavily manipulated on the sell side today. It looks like the classic LTC shakeout. If the 50% fib holds, I think we head back up. If you want to gamble, there is the buy zone.
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Almost there. Once the OBV breaks the trend line, I think LTC puts its rocket boots on.
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The weekly. Break that trend!!
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Haven't updated in a while. Been patiently awaiting another retest of the multi-year trend line. Here it is. Break that trend cleanly this time ... please!
