This can break out soon or it can take another 1-2 weeks, be patient : )
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Not the most inspiring weekly candle close, but I still think we are okay. Here is the 4h chart: If that trendline breaks then the price could fall as to the low .014s, which could be a nice little interim trade, but I wouldn't count on it. Either way, it is a matter of time before we start to head back up and make new yearly highs.
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As i mentioned, if the trendline broke there was a nice trade to the low .014s, price made it to .0142xx, hope yall took advantage:
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Bullish ascending triangle forming:
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Looking great broke out of the ascending triangle to the upside, now we came back down to make former resistance support:
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This can go all the way down to the brown ascending trendline as well and make an even bigger ascending triangle with the two major highs.
Absolute worst case in my view would be to break back down and give the black line another touch (weekly trendline) before going higher. I don't think that is likely though, if it happens its because the narrative takes hold that "btc is getting segwit so why do we need ltc" takes hold, which is totally silly, but could be used an excuse for more accumulation before going higher.
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The new (bigger) ascending triangle:
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Broke support (on the 4h) again but its okay, its never obvious or easy with ltc, always lots of shake outs before going up. Worst case would be a few weeks of sideways\down before going up, but still not sure thats likely, feels to me like ltc/usd will explode one of these days. We'll see, final destination is higher, bigger picture we are consolidating at multi-year highs, which is very bullish.
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Kissed the weekly trendline, time for the bounce?
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Looks like an Adam and Eve bottom forming (4h chart):
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Unfortunately all my ltc charts got rekt by btc-e going down : ( people are asking me what I think of the market, here is my most recent update on twitter using bitfinex data: twitter.com/btc_joe/status/892512115449311232 As soon as btc-e comes back (fingers crossed) I will continue to update using my original charts : )
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fortunekr
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We are going way way higher than 0.048ish. Webbot data says millionaires are going to be made on this breakout. Which means we are going to see at least 0.1. A guy on youtube using fibonacci projections came up with 0.14 as the top but I'm thinking we will see 0.12 or so. At $2500 BTC that works out to around $300 LTC. It seems that LTC will have to moon before BTC goes parabolic, which fits into what has happened already in the past.
Hold on to your balls gentlemen, this is gonna be a crazy ride.
Johnnysharp
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@fortunekr, I agree due to Elliot theory but haven't heard anything about webbot, what's that?
Young_Satoshi
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@fortunekr, Web bot.. Loool. Chris High loool. Get real.. Chris High is only interested in selling his reports! Plain and simple. Ask yourself this question. How come he lives like a tramp? Has he ever shown YouTube viewers his computer system?
Hold on to your balls gentlemen, this is gonna be a crazy ride.