Confirmed Break of Triangle Top - Headed a Little Further Down
This is more of an observation rather than a prediction. While everyone was calling for the bull run after LTC broke the upper triangle trend line, I was hesitant to jump on the band wagon. The reason was, I wasn't comfortable that the formation was finalized. We have never seen any of the cryptos jump out of a bearish slide to move straight into a bull market. Not once.
Without the accumulation/consolidation phase, you can't build the momentum. It's like running a marathon without a water break, or failing to refuel in a stock car race. It just doesn't happen. Even though LTC confirmed the breakout above the triangle line on the 4-hour candles, and stayed there for a while, that wasn't enough to override the fact that we have not completed the normal progression of the chart that history has shown us.
On my previous ideas, my humble prediction was that LTC would continue towards that upper triangle, and once it touched down it would determine what the next short-term move would be. We have 5 4-hour candles under the line. That's a pretty solid confirmation. What I'm looking at next is what LTC will do IF it continues down towards the triangle base.
My gut feeling is that it will bounce off of that line and make a major move in early June. But if it doesn't, we might see that lower number that people were predicting a few months ago as an absolute bottom. I don't want to give price predictions, because that's dangerous and irresponsible (like most people do). But what I CAN do is look at this overall chart and get a feel for what is most likely to happen in the short-term.
There's really no worry, because the long term is solid. The predictions for what LTC will hit by the EOY 2018 are absurdly high. But before we can write off any of these moon shot predictions, all we have to do is look to see what happened from this time last year to now.
I also think BTC will continue to lead the way and influence the action on Litecoin for a while. But the day will come when it takes a course on its own. Until then, this is a great time in crypto history. We'll look back on this dip and laugh about how nervous it made us.
Your thoughts in the comments are welcome. I'd love to hear some perspectives. The more information and opinion the better. Good luck to everyone, and get ready for a great future!
Without the accumulation/consolidation phase, you can't build the momentum. It's like running a marathon without a water break, or failing to refuel in a stock car race. It just doesn't happen. Even though LTC confirmed the breakout above the triangle line on the 4-hour candles, and stayed there for a while, that wasn't enough to override the fact that we have not completed the normal progression of the chart that history has shown us.
On my previous ideas, my humble prediction was that LTC would continue towards that upper triangle, and once it touched down it would determine what the next short-term move would be. We have 5 4-hour candles under the line. That's a pretty solid confirmation. What I'm looking at next is what LTC will do IF it continues down towards the triangle base.
My gut feeling is that it will bounce off of that line and make a major move in early June. But if it doesn't, we might see that lower number that people were predicting a few months ago as an absolute bottom. I don't want to give price predictions, because that's dangerous and irresponsible (like most people do). But what I CAN do is look at this overall chart and get a feel for what is most likely to happen in the short-term.
There's really no worry, because the long term is solid. The predictions for what LTC will hit by the EOY 2018 are absurdly high. But before we can write off any of these moon shot predictions, all we have to do is look to see what happened from this time last year to now.
I also think BTC will continue to lead the way and influence the action on Litecoin for a while. But the day will come when it takes a course on its own. Until then, this is a great time in crypto history. We'll look back on this dip and laugh about how nervous it made us.
Your thoughts in the comments are welcome. I'd love to hear some perspectives. The more information and opinion the better. Good luck to everyone, and get ready for a great future!