Looking at the daily chart, LTC finds itself in pennant getting tighter by the day. June 1st looks to be the completion of the pennant if it takes that long. It also has an inverse head and shoulders pattern. A break from the pennant will likely finish off the right shoulder. With a head height of .016, the target will be in the .04 area. Look below for another fun 4-year inverse head and shoulders idea in the making.
I agree. I have BTC completing a large bearish impulse series around the same period. I think LTC coming to the end of its wedge, assuming the wedge holds, around the same time as BTC closing its bearish 5th sets up a very interesting opportunity. Great job on the chart.
@jpbrown1023, You bet! Though the timeline is a bit too far extended on my chart for the sake of visual clarity, you can at least see the rough path I am thinking for BTC and how that correlates with the fall and rise of LTC.
uchima
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40 usd jajjjajaja
tammy007
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$40 LTC is a real possibility now and there is nothing surprising about it. it just need to go back and test 6 months old price
jpbrown1023
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@tammy007, while anything is possible, I find it very unlikely that this scenario would play out. That would be a full Fib retracement of the price and the only way I think this happens is if we have an utter collapse of the entire crypto market. You can see the price has never broken green uptrend line and we are currently finding support on the 781 Fib level. I think the good ole days of 40LTC are well behind us.
tammy007
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@jpbrown1023, makes sense....but i can see the confidence level in crypto is getting lower and lower so anything is possible now...but you are right about long term trendline