RotiWokeman

Watchlist Update 24 | BTC, LTC, ETH (Don't fight the trend)

BITTREX:LTCBTC   Litecoin / Bitcoin
Good morning, everyone! I’m getting an early start today.

BTC-USD             Coinbase | BTC             continued to dump as I expected, since we were forming multiple consecutive bear flags and there wasn’t much support available for the right shoulder of this reverse head and shoulders pattern. However, we are now finding support just where the bulls really started to run months back, in 2017. Many are calling for a return to mid-4000 levels and at this point, I’m thinking “Why the heck not?” But for now it does appear that there is a more bullish flagging formation appearing, and we may be in store for a break of overhead resistance and a short run to the next congested area above 9245. A bull break of the most recent fractal pattern was your entry signal, and moving stops up as new fractals form and the price surpasses them is recommended — don’t try to fight the trend.

LTC-USD Coinbase | LTC follows BTC             closely, though it was more oversold for a while there. Now it’s broken out of the cloud on the 15 minute time frame, but is looking a bit overbought. The bull flag may retrace as there’s a lot of work for the price to do on the way up.

ETH-USD             Coinbase | ETH lags behind LTC’s movements. Above roughly 715.1 there will not be too much resistance for a quick pop to the next resistance of 735.8, which coincides with the Kijun quite well. If you break above the Kijun, that’s a long signal. On the 15 minute timeframe it’s almost completed an edge-to-edge cloud break. Conditions are getting overbought on both RSI indicators.

LTC-BTC             Bittrex | For comparison, LTC is running on some good news that’s nearly blown over already, and remember that it’s still in a long term downtrend that has a lot of punch behind it. If it can break above 0.0197, then it will be an easy run to the next support of roughly 0.02. It’s already running quite well, above the Kijun after a fractal bull break on the 4H. If you’re already in the trade, you may move your stop up to the Kijun.

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Stay safe out there, Roti out.

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This is for educational purposes only and is not intended as financial advice.
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