Hello crypto enthusiasts and traders, it has been a while since my last post where the three drives pattern failed as LTC was beaten down below the long term trend line. Still Long on LTC for 2018 as this is not unusual for the crypto market and afterall, BTC was ranked the worst investment in 2014 and people are starting to say the same thing now about 2018 so let the next part of history also repeat itself - more on that here theguardian.com/technology/2014/dec/17/why-bitcoin-is-the-worst-investment-2014 . Anyhow, we've had quite a few weeks to accumulate more LTC and average down at prices many getting into LTC in late 2017 have never experienced. Lets keep it simple with this chart.
Being curious, I overlayed Bitcoins % line over Litecoins and have found a pretty cool oscillating pattern between the two. The chart says all you need to know but lets be clear, BTC's line is roughly where LTC would be $110-$130 so this is not saying we are mooning, but more so saying that based on previous history, we SHOULD check in to the BTC % line. Only if BTC also rises, would LTC be able have crazy % gains as seen Q4 2017. Happy trading!
Please like this post to see more analysis and breakdown in the upcoming crucial days.
This is not financial or trading advice and trades should not be made based on this chart or anything I've written. These are just merely my opinions.
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Things are looking quite nice, as BTC's % rose, so has LTC. This means more potential upside in the future for LTC as we haven't caught up to BTC's % line yet. The LTC/BTC chart shows we have been consolidating at the 0.618 line for approx 2 weeks now and the 6H bullish cross is some great confluence of a bounce. I'd expect LTC/BTC to start rising, meaning we should start catching up to BTC's % line.
Be weary, this could also happen by BTC falling, and LTC just not falling quite as hard meaning less % loss and the two lines meeting up again in the middle of where we are now, or at lower levels.
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LTCUSD has also just checked into the 0.618 on the hourly, we need to see a bounce here to remain bullish!
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Hello everyone! LTC/BTC broke below the original descending triangle but is still in a falling wedge. Bullish divergence can also be found on both indicators, I believe the target is still in play.
ALSO
The daily LTC chart is looking very bullish with the candle being sucked up, almost currently to the .618, a healthy reversal level. It is going to be one interesting day tomorrow.
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And ignore the down arrow... oops, not sure how that got on there.
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Nice couple of days we have been having. LTC/BTC forming a double bottom. Sentiment is low, LTC/BTC should start increasing from here.
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Bull flag setting up nicely.
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and of course... as soon as you post it the support gets extended...
@raphaelrehman, I think at one point in time people would've said the same about BTC... Crypto times are new, don't be naive. Rome wasn't built in a day and LTC is not as old as BTC so the charts have not gone through the same cycles in a sense.
2014 - BTC drops from 9xx-3xx- seems like where we are now on an smaller scale, approx 1/4 scale ;)