btc_joe

Litecoin The bear trap before the bull run

BITFINEX:LTCBTC   Litecoin / Bitcoin
7370 73 40
Nothing new under the sun in crypto. LTC/USD still looks great, but it has been lagging BTC/USD as I pointed out in some of my short term charts. Today there was an opportunity for the ratio and USD pair to reverse and break out...yet they did not...instead they broke down. LTC/BTC with a full retrace and LTC/USD broke a key trendline . LTC/USD could use a healthy drop to about $37-$40 to create some nice hidden bullish divergence on the weekly chart, and set up the market for a HUGE parabolic run. Considering this, and considering how unstoppable bitcoin             looks, we could see a real nice bear trap in the ratio here. Always darkest before the dawn in ltc...things can get wild. Good luck.


Comment: Also, right now the ratio of ltc/btc has turned to a negative correlation with btc/usd. If this keeps up, thats not sustainable, a healthy bull run will look like both ltc/usd and btc/usd rallying with ltc/usd outperforming.
Comment: Falling out of the rising wedge on the 2h:
Comment: Nice drop from the rising wedge to new low. Now the price has a good chance to reverse, but it likely will be short-lived:
Comment: China rumors definitely good for litecoin. Nice bounce, definitely going up for now. Still expecting the chart to play out, but the news does make me reconsider, lets see how sustainable the bounce is.
Comment: Looking real good thus far. But as I said in one of the comments we would need to clear the $55-$60 range to really reconsider this idea. So not going to get excited just yet : )
Comment:
Comment: Potential tweezer bottom on the daily chart.

But
-Price needs to break above the high of the previous candle
-If it manages to do that, this can still be a dead cat before going lower

Could this be the real bottom? Of course its possible, still no reason to believe that to be the case *yet
Comment: Nice rally, but sorry guys, not convinced of the real bull. At least not yet:
Comment: rising wedge:
Comment:
Comment: Unless bitcoin gets going again, both btc and ltc are in for a nice drop.

Looks like this was the bounce represented by the arrow up on my initial chart:
Comment:
Comment: *line not high
Comment: Looks like a potential head and shoulders pattern on the 1h chart (assuming steam runs out here):

if not could have one last leg up
Comment: : )
Comment:
Comment: Looks like somewhat of an head and shoulders pattern:
Comment: Looks like a good time for another dead cat bounce:
Comment: dead cat likely over...
Comment: Head and shoulders target reached...could have another dead cat potentially before going lower:
Comment: That should do it : )
Comment: and if it does manage another leg up...there's a nice block of resistance waiting for it:
Comment: Assuming i'm correct and this is just another dead cat bounce, orange and red are good fine tuned targets:
Comment: Another head and shoulders pattern, this one on the 30m chart:
Comment:
Comment: Removed the arrows of the original chart for cleanliness (sorry guys, should do this more often!)...spotted this channel to keep an eye on. Overall view still the same, downtrend still in tact, i'm sure there will be at least one more dead cat before we reach our targets though.
Comment:
Comment:
Comment: First target hit:
Comment: Since this is so oversold, it could have a nice bounce here if btc cools down. But I think we are likely eventually going to target 2.
Comment:
Comment: Price in a triangle, if it breaks up than original forecast. If it breaks down then straight down.
Comment: Not enough umph. Looks like a false break out, and ready to go lower (bounce over):
Trade closed: target reached: Hmmm this looks similar to XMR yesterday, that might be all the down we get for ltc. More confirmation when ltc breaks $60. Could get a huge pop here, thats it for this chart thanks for following:
I was startin to wonder, where is he ? lol
+1 Reply
@ffs, real busy these days, but hada check in on ma chikun
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nice call!
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Nicely predicted! If your new 0.2 prediction comes into place I will send you a bottle of champaign! Keep it up, good and honest work!
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saw this posted on the twitter. thoughts?
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Saw it a tad differently but same result. My target could be a little too low.
+1 Reply
btc_joe the_hitman
@the_hitman, I actually agree, this was a short term chart kind of random guess of hte movement, that is actually pretty much my target on the daily chart:

In other words I think we reach your target just a matter of sooner or later.
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Time for an update Joe!
+1 Reply
btc_joe AnotherEchelon
@AnotherEchelon, here it is...I'm still not convinced and do not think the bottom is in : ) I think ltc is going to $35-$40. Could be wrong : )
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ltc currently 0.00738, should fall to range of 0.0062 - 0.0069 before bull run?
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