A month ago, LTCBTC found support at the bottom coupled with a longterm reversal zone. There it found strenght to bounce and break a +300 day downtrend.
We can see LTCBTC is facing now a strong from ATH week candle close straight to the current previous week (27th march to 2nd april) close.
We can also see LTCBTC is now at a strong (0.0072-0.0082) where LTC has reversed against BTC several times, or has at least found difficulties to cross it.
This in the btc pair is also coupled with a in LTCUSD pair around 9 usd.
This is certainly a key level (0.0072-0.0082 BTC ) for LTCBTC and going through it won't be easy. Litecoin should rest at these levels (above or beneath) to give traders and investors enough confidence to trust in a healthy and long-term uptrend.
I see three possible scenarios:
- Consolidation under between ~0.0077 current and ~0.0059 potential support for a couple or more weeks.
- Consolidation above and above ~0.0077 potential for a couple or more weeks
- No stop pump with a huge weekly wick and a close under
First two scenarios should lead towards a healthy uptrend after this huge breakout.
Last scenario should lead towards a long bleeding period.
I personally expect this last scenario to happen: keep pumping this week taking weekly to overbought region, causing a potential huge bear div in high TF charts, then "panic" and weekly close under the .
I think this scenario is highly probable because i can feel a lot hype around Litecoin that usually leads to overleverage, that, as we all know, eventually leads to an inevitable crash. Besides we have an altcoin market starting to crash after a month of huge exhuberance.
(Eg. See Bitfinex LTCBTC longs vs shorts here)
If this happens i will probably load a short. But right now i hold no position in LTCBTC . Stay tuned if you want to know my decission.
Against this scenario proposed, and supporting a long term set up, we have weekly and monthly crossing up.
I would value any long term opinion from you guys, so please leave your charts in comments so we can talk about this.
Though RSI still has some room to grow, so we could see another pump further up. Specially if bitcoin retraces as i expect it to do it.
Red lines signal potential short entries if ltcbtc reaches them
Massive weekly wick (almost 45%)
Weekly close undertrendline (@0.00773)
Weekly RSI reaching overbought region
I'm short quarterlies since we had the first 4h candle close breaking the channel, something that happened at the same moment the LTCUSD spot market found the resistances shared in here a few comments above (8th April)
Here is an updated LTCUSD chart with the referred resistance lines/zone
Though this pattern is traded by longing the last bottom.
Still i'm short again LTC quarts, small short this time.
Easy long :D
i'm out for now.
Will watch carefully for an other oportunity either short or long.
small short here with profits
It broke up again plus printed a bullish hidden div.
Still holding it and added some bits on support break.
Covered short at slight profits.
Considering a long now with this breakout + my three alma strategy signaling buy
and this is my place to long.
SL 11 usd.
Let's see how it goes
Covered 60% in case it fails to make a new high.
Now i'm short. More info about this here:
You must be killing it ;)
We are seeing higher highs and higher lows in the alt space (and my trading balance), e.g. look at the iconomi index http://coinmarketcap.com/assets/iconomi/ or combined alt coin market cap http://i.imgur.com/GQxK3A9.png
This view dovetails with my suspicion that we are in a grand crypto commodity super cycle. I suspect both btc and alts to continue a bull market and during this bull market an index fund of alts by market cap should outperform btc. (For evidence of continuing btc bull see my coinbase btc log channel https://www.tradingview.com/x/NsfIPBfN/).
For evidence that alts outperform btc in a crypto rally see here http://woobull.com/crypto-currency-index-funds-the-simulations-have-surprising-results/ (notice that alts outperformed btc in the 2013 bull market).
I’ll try to post an idea on the crypto commodities grand super cycle, but it’s basically a combination of the grand commodities super cycle (dow jones measured in gold/commodities or P/E is overpriced by historical norms, also real estate and bond bubbles have already burst leaving cash and commodities as potential investment areas) plus the realization that technology is depressing commodity prices over time (incl precious metals) and that money is a kind of technology and finally that a breakthrough in money technology like crypto means that the focus of the grand commodities super cycle will be in a specific type of cash/commodity namely crypto currencies.