If we take a wider view and analyze the daily chart, we quickly are able to identify the formation of a pennant. This usually suggests continuation of current trend. If it breaks down through the triangle, the target should be around ~40 (length of the flag pole)
If it breaks the other way, then target should be around ~82-84 (length of wave A). Even if it retraces back to ~40, the target for the bigger wave B should be the same around ~82-84.
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Broke through the triangle, should take us down once more now
THIS IS PERFECT. Was waiting on this thank you! I am also seeing the 40s too. About what day do you think we should see it? Looks about the 21st?
telnemri
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@CryptoFortune, Yes, I think by tomorrow or the day after we should see the bottom.. in the last few weeks, every friday we have some dramatic move. So I can see Friday the 22nd at the lowest.. Also, based on the other cycles before this, by end of the month we should hit the larger B point at ~82.
So this weekend, we'll see the low, and the next weekend we'll see the high... hopefully :)
CryptoFortune
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@telnemri, Thank you! Looks great! Best model i've seen yet! Huge Kudos!
CryptoFortune
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@CryptoFortune, What are the chances that today's 51.00 was the bottom and we start going up today?
telnemri
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@CryptoFortune, It would be a mistake to always think the market will act rationally so anything could happen. However, the odds are against a break to the top. I dunno if you'll be able to see the screenshot from the link below, but at the 35 day swing average, there's a huge resistance line at $56. It would need to clear that first before we can confidently say it's a reversal. Also, LTC is following BTC, and BTC has a clear upward flag formed on a down trend, this usually means it will continue in its previous trend - downwards.
CryptoFortune
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@telnemri, Excellent thank you for that. That looks amazing! You know what you're doing. All makes perfect sense!
@CryptoFortune, Not sure exactly when it will happen but shouldn't take that long.. from a 7 day average (see below), there is a strong support level at the ~49 and a major trend line support at ~47.5... I think once we break these two support levels, the move down should be accelerated..
But that's just what I think.. let's see what happens
CryptoFortune
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@telnemri, Thanks friend! I see that too. Im waiting for the drop this morning. However if it remains above 47-48 I may not buy in. Looks like its going to slope over all day tomorrow into the next dip.
MoonPickle
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@telnemri , great analysis - what is your timeline to go from point B to point C?