On the weekly, price kissed the 200 MA as expected, bounced well. I think we are at a similar point to 2013 as shown (similar price action, and conditions on RSI, MACD, Stoch.
Zooming in the price kissed the bottom of the channel the 1d, and is showing hidden bullish divergence (on LTC/USD as well). Same with the 4h.
4h chart showing signs of bottom:
There is also an inverse head and shoulders pattern on the brink of breaking out on both LTC/USD and LTC/BTC 1h/2h charts as I updated (on my other litecoin chart) last night:
I think this should start to reverse real soon, but just something to be aware of (as traders we must consider all possibilities)...if we do not start to reverse soon, then the weekly starts to look fairly bearish, and the possibility of a drop to as low as .0069 or so becomes a reality: Again, not betting on this just yet, but certainly worth mentioning.
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Part of the reason i don't buy the big down move just yet is because there is not much volume at all on this selling and volume is decreasing as we go down.
broke the falling wedge to the upside...such bull much wow
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Also weekly chart setting up for a tweezer bottom.
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After the tweezer bottom, the weekly chart is breaking above the 200 week MA...very bullish! Also 1d looking great:
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4h showing some real nice hidden bullish divergence on RSI (Same with LTC/USD):
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Trendline dating back to 2013 finally broken on that weekly close. Indicators looking healthy again.
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Kissed the weekly trendline, time for the bounce?
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Unfortunately all my ltc charts got rekt by btc-e going down : ( people are asking me what I think of the market, here is my most recent update on twitter using bitfinex data: twitter.com/btc_joe/status/892512115449311232 As soon as btc-e comes back (fingers crossed) I will continue to update using my original charts : )
Excellent chart. I also noticed the similarity with the pattern from 2013. What is also interesting to note, is that LTC is always correlated with BTC in rallies, in that it does pattern like these. Since BTC is in a rally right now, which probably will go on for the weeks to come, LTC might also behave again as it did in the past, spiking together with BTC. I think the chances are pretty good that it spikes up into the 0.04-0.05 area. Good luck to you all!
SebastianofMoon
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So LTC looking good and on the way to do the chikun dance :)
Target 0.03-0.04?
Johnnysharp
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Like it. GL.
UnknownUnicorn989858
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Oh, and thanks for charts. Super great
UnknownUnicorn989858
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So we need to hit .016 or .0165 to breakout, basically?