Hello there, I still believe in Bitcoin protocols, so here is my view on
LTCBTC
, enjoy!
American elections sent market crazy and that's why we have seen a rise in volatility since the last week of October and the beginning of November. Lately, both stocks and cryptocurrencies has gone up and I believe this bubble will keep growing until Trump is putting some uncertainty back into the investors.
So here we are with a fresh new chart about an old fossilized Bitcoin protocol. Litecoin at its finest is a censorship free decentralized currency running on its own blockchain since 2011. Alike most of old cryptocurrencies its price has fossilized too and hasn't moved a lot in the past few months - it hasn't moved upwards indeed, especially on
LTCBTC
pair. Now, let's review some technicals which state the clear bullish setup I've drawn.
Trend is evidently bearish and next move won't reverse it at all on daily base, as
BTCUSD
won't go through enough sideways/bearish time for it to grow more. Still it has some room upwards to fill and current Bitcoin move is setting some basis for it. In fact, price action is stuck inside a falling wedge and running below a falling trendline (the blue one) which is very likely to be broken and prepare some further bullishness. All those levels you can see marked on chart are based on Fibonacci retracement: one on larger (white one) timeframe, the other (red one) on current resolution; white has reached it's very bottom at 1.618 level, which was the target for a bearish Gartley pattern, red is stating the formation of a Butterfly pattern (which misses D at 1.272 Fibonacci level). Most of indicators are bearish, meanwhile relative strength index formed a large bearish divergence on daily chart, stating a possible bullish turn.
A trading strategy: the very best strategy is about buying at breakout and selling resistance, so I'd recommend you to buy once it has finally broken the falling wedge; nonetheless I'm pretty confident about this, so that in my opinion you can safely accumulate some at red Fibonacci 1.272 support (0.003615) and unload your bag at white Fibonacci 0.618 resistance (0.004880). In either case, you need to set your stoploss below red Fibonacci 1.618 (0.003468), which is an important bearish continuation level.
Hope you liked my altcoin trust, see you on next prediction!
Trade safe and take care. Anlvis
LTCBTC
, enjoy! American elections sent market crazy and that's why we have seen a rise in volatility since the last week of October and the beginning of November. Lately, both stocks and cryptocurrencies has gone up and I believe this bubble will keep growing until Trump is putting some uncertainty back into the investors.
So here we are with a fresh new chart about an old fossilized Bitcoin protocol. Litecoin at its finest is a censorship free decentralized currency running on its own blockchain since 2011. Alike most of old cryptocurrencies its price has fossilized too and hasn't moved a lot in the past few months - it hasn't moved upwards indeed, especially on
LTCBTC
pair. Now, let's review some technicals which state the clear bullish setup I've drawn. Trend is evidently bearish and next move won't reverse it at all on daily base, as
BTCUSD
won't go through enough sideways/bearish time for it to grow more. Still it has some room upwards to fill and current Bitcoin move is setting some basis for it. In fact, price action is stuck inside a falling wedge and running below a falling trendline (the blue one) which is very likely to be broken and prepare some further bullishness. All those levels you can see marked on chart are based on Fibonacci retracement: one on larger (white one) timeframe, the other (red one) on current resolution; white has reached it's very bottom at 1.618 level, which was the target for a bearish Gartley pattern, red is stating the formation of a Butterfly pattern (which misses D at 1.272 Fibonacci level). Most of indicators are bearish, meanwhile relative strength index formed a large bearish divergence on daily chart, stating a possible bullish turn. A trading strategy: the very best strategy is about buying at breakout and selling resistance, so I'd recommend you to buy once it has finally broken the falling wedge; nonetheless I'm pretty confident about this, so that in my opinion you can safely accumulate some at red Fibonacci 1.272 support (0.003615) and unload your bag at white Fibonacci 0.618 resistance (0.004880). In either case, you need to set your stoploss below red Fibonacci 1.618 (0.003468), which is an important bearish continuation level.
Hope you liked my altcoin trust, see you on next prediction!
Trade safe and take care. Anlvis
Comment:
This actually happened. Rejection was very powerful so that now retracement is inevitable. I'm shorting now, targeting Fibonacci 0.5 (0.004127) and even lower levels; stop is at higher high on daily (0.004524).
Comment:
One more update, I'm buying and waiting for it to reach higher levels.
Trade closed: target reached:
OH