- Litecoin is at the all time low of the last two years. - Has been in a downward wedge for the last year. - under all moving averages on the daily. - Make no mistake It is weak.
- Currently at a double bottom at 0.004041 and A wave - Could go a little lower to hit the bottom of the wedge and make a final C wave. - Expecting a bounce off the bottom of the wedge.
- It should hopefully start a new 5 wave structure up. - It should at the very least test the top of the wedge for a 15% rise. - Then we have to wait for confirmation of a break of this wedge structure. - Note also falling volume and falling price is also bullish. - A bullish divergence on rsi formed - higher lows on rsi and lower lows on price.
As always trade at your own risk and have proper risk management.
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Has played out well so far. We got that bounce of bottom of the wedge as expected. When BTC goes on a run, it tends to crush ALTs so its performed well. Up 10%
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Lets see if we can break this.
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Didn't break the top of the wedge and now almost at the bottom again. Should see it bounce again off this region.