TradingShot

LITECOIN is about to start a parabolic rally to $1000

Long
BITFINEX:LTCUSD   Litecoin / U.S. Dollar
I know there are many Litecoiners out there that have been patiently waiting for their coin to take off and fulfill its $1000 promise. Well according to this chat (1W time-frame) the wait may be almost over as a certain sequence of technical events indicate that LTC is about to go parabolic.

As you see this chart encompasses (almost) all of LTCUSD's historic price action. Each Cycle is on very clear characteristics that tend to repeat in time:

* The Bear Cycle ends after the price breaks above the Lower Highs trend-line and turns the 1W MA100 (green trend-line) into a Support.
* Then a multi week parabolic rally starts that takes the price to a test of the previous All Time High ( ATH ).
* What follows is a new consolidation phase, always above the 1W MA100, which eventually leads to the final rally to new ATH .

At the moment Litecoin seems to be trading on this consolidation phase but being on Higher Lows, appears to be over and about to start the final rally. Even the RSI build up is fairly similar between the Cycles. If it follows the structure of the previous Cycle, then the target of the new ATH should be within the 1.382 and 1.5 Fibonacci extension , i.e. within $1125 and $1570.

Do you think that LTC is about to take off and finally reach the $1000 benchmark? Feel free to share your work and let me know in the comments section!



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