In a world where bitcoin gets bigger and bigger (and thus less and less likely to make *any consensus changes whether it be a hard fork or segwit, etc), ask yourself, does litecoin deserve a place in the market? I certainly have my opinion.
Not to mention, if it gets the lightning network before bitcoin...are you excited about this technology? I certainly am.
...looks promising. The next few days should be interesting.
Food for thought, is LTC at a similar point in cycle that bitcoin was in May 2016: http://imgur.com/a/z5oS0
As well as on the weekly which is primed, will update with the weekly picture after closing.
It could dip first but many are waiting to buy, so they may just FOMO and it may never come...
This is the best news Litecoin has gotten since inception, in addition to the LN, ltc can lead the way on Confidential Transactions eventually as well. And miners will be contributing to development. Bitcoin will always have trouble coming to consensus on new technologies, and litecoin (being smaller and easier to get things passed on) can always take the lead and experiment, this is why the fact that its a "copy and paste" is actually a good thing.
While it's naive to think there will not be insane volatility, and inevitably a big dump that will follow the huge pump (just getting started)...Litecoin is now looking like a coin that has established a very bright future for itself.
Just thinking out loud here…when we pass the threshold this will pump hard. There will likely be a pull back, which will likely provide a nice trade opportunity in the midst of this uptrend.
Zooming into the 1d chart, here is an idea to watch for:
Watch your fibs, your trendlines, your indicators. Just a loose plan for the short term : )
So it looks to me like either btc continues on up (in which case ltc/btc may need to test the the bottom of the channel)...or btc reverses here, and we continue on up in both ltc/usd and ltc/btc. I'm betting on the former, but if it looks like btc going to break out, i may take a nice interim trade to the bottom of the channel and increase my ltc count.
So if we go up a bit but you start to see some weakness, that could be another route to the bottom of the channel. Just something to be aware of.
Nice channel has developed on the 1d RSI
We'll see. But barring some change of the situation it's starting to look like segwit will not activate over this period as Jihan is desperately insecure and hell bent on blocking it. It will happen one way or another eventually, even if it takes a UASF, but maybe the moon get's put on hold for a while? Might be healthier for this rally anyway to let indicators reset. Stay tuned.
I had a bunch of orders filled on it. Tough to say if we are out of the woods yet. On the plus side hash rate from non segwit pools is dying down, but still, seems unlikely we will get activated during this two week period barring Jihan/Wang decide to let it happen. I believe Charlie is supposed to meet with them in June, so maybe things cool down until then? Then either make some sort of a deal or if not we go ahead with the UASF. Or maybe things will change quicker, who knows, stay tuned. I have my popcorn ready.
Will the 1d RSI channel hold? Or will we fall out of the channel and confirm bearish divergence on both the MACD and RSI. Time will tell.
We'll see. If not RSI will fall out of channel on the 1d and there will be a nice trade to the downside, but i'll believe it when I see it. Stay tuned.
Keep an eye on it.
...looks like we're ready, watch for 14.1-14.2 break, should get going after that.
Still bearish and sticking with my trade for now (expecting a drop to .009):
To me it looks like $12 or so is likely, going down to the dotted trendline would create a nice hidden bull:
Now, that said, as I mentioned .0099 on ltc/btc seems likely and possibly even the 100 MA (around .0082 or so), I am very bullish on bitcoin. It can go as high as $1750 possibly as soon as this week who knows:
If you take $12 and divide it by $1750 you get around .00686 ...now that doesn't mean we will go that low, but anything is possible in ltc/btc, it has a history of going lower than people think, even directly before an epic run or in the midst of it. So, the question to me is, how soon to we get to $12? That is something to keep an eye on, and might coincide with the bottom in ltc/btc.
This is how I am thinking about things and planning accordingly. There is tons of uber bullish new for ltc, this is eventually going higher, so don't panic no matter how low it goes, well at least i wont be, I will take advantage. Good luck.
Personally, since I am a huge believer,I have a certain amount of ltc which I will keep for the long term, but I also have had a very big position in this coin and have always intended on taking some profits in bitcoin off the table. This way, I lock in huge gains in terms of how much bitcoin I have gained for the risk I put in, and then I can win no matter what as I still will have a good amount of skin in the game as well.
If you take a look at the original chart and press play, you will see 3 main targets, yellow orange and red, they are still good targets. I think yellow is very likely, and there is a good amount of resistance there. Will we blast straight through and hit orange and eventually red as the fractal shows? We certainly could, but it would also not be out of the question that we get to yellow, and sellers step in and we eventually get shut down by the descending trendline drawn from the last two major highs. Such a scenario would create a nice bearish divergence on the RSI, and possibly MACD as well.
On the other hand, MACD has broken the trendline from the last two previous highs, so this would suggest we will in fact visit the red zone in price and possibly higher as MACD heads up to test old highs.
Just some things to consider. And to be clear, the game has changed for ltc, I could not be more bullish on it long term, I really think breaking ath's in both $ and btc terms is inevitable, but this is more of a risk management thing for me personally. We could top in the previously mentioned areas and take 3-6 months off cool down before going higher, who knows, if that were the case I would want to have had some profits locked in. If that makes any sense. Anyway, that is my approach/thinking as of now, gluck to all.
Also a potential messy H + S on lower time frames. Are we going to $30 or $20?
Ltc/btc big picture suggests the top is in or is coming soon, stoch RSI has been a fairly reliable indicator for tops, and you also have the bear div on the RSI, and the macd at the level of a previous high:
Just my thoughts.
Can see this chart for where I called this target in the update:
So is wave 4 of 5 complete?
And now here we are, the price bounced very nicely off the 2.618, and managed to spring right back into the channel. This is a very good sign, as long as the channel continues to hold, price should be okay to to start making new highs again and reach the previously mentioned targets on ltc/btc.
Looks like an inverse H + S forming on the 1h:
4h meeting channel support:
...as long as LTC/USD can hang in there ltc/btc should eventually follow.
It wouldnt surprise me if we eventually go to the .011xxs
Haha that was you? Good stuff.
Let's see what happens.