In my previous analysis, i showed LTC' was likely to drop from the high and make a correction. In an update i showed a small H&S indicating another decent drop could happen, just like ETH' showed as well and BTC' was also at a big support (3800). But the bears completely failed at those levels. ETH' and LTC' broke the supports, but they all became bear traps eventually.
Bigger picture, LTC' has been following that blue line quite well again, going from the highs to that important support zone. This support zone is now ground zero for the bulls. This is a level that can not break anymore, if it does, we should expect much more bearish movement. At the moment it seems the current bull flag looks very good and stable as well. So a move up seems more likely than down, but this bull flag needs to keep it's good shape.
We are moving against what seems to be a big resistance zone. So a likely scenario is a push up and than another test of the 53/54 zone. To make like a right shoulder.
Short term, price can not drop below that green support around 60 anymore, that has to be the max for the bulls short term. 54/53 is the real max, below that level we have to expect the trend will be down again.
Previous analysis:
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Broke up and got dumped, like the blue line was showing could happen. Happened faster than i expected, but still fits the picture. When zooming in, the current bear flag of this drop, doesn't look like a normal one. But we can simply look at that red resistance zone now, if that one doesn't break, could be headed towards the 58/54 area. Assuming Bitcoin doesn't shit the bed, we should see it move up again from that zone.
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Bulls are not showing up, even when bitcoin moved up a bit later today, LTC barely moved. So not looking good and chances for a bigger drop towards the 54/55 are increasing, if today's low won't hold.
haha shit the bed, do people actually do that? I mean kids pee the bed right
botje11
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@lvg3g, Hahaha, Bitcoin does, did it many times past year :)
civomt
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@botje11 Again good call, we alredy hit the top of the channel, but now it look's like we are creating bear flag with target around 56? What do you think? Sell candles are also bigger than buing one when we made break upside.
botje11
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@civomt, Thank you :), Yes, does look like a bear flag/triangle. So not looking good at the moment. And yes, you do see that correctly.
civomt
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@botje11, What just happening? Second Time rejected from 61.5, than drop and again slowly to 60.5?
botje11
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@civomt, its because of bitcoin, we can see all the alts are waiting for bitcoin to make a decision.
civomt
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@botje11, LTC alredy made nice push up, after touch the 58. Now testing resistance, with alredy a small break up. Probably drop is over? Or still is possible of test 54 area? Hmm :-)