I wanna try to share my thoughts on LTC with you. This is going to be a look at LTC for the next few weeks or possibly months - so lets get right into it.
LTC's logarithmic chart proved itself to be a very important aspect to look at when trading LTC. Back in 2017, various pumps of LTC (first pump to 100 and 200) were much easier to predict on the logarithmic chart - and I would argue that it still plays a huge roll when it comes to LTC's price development.
So - it turns out that LTC, even though it has broken the descending triangle on the normal chart, still currently IS moving in between the strong support level of 110 and the upper blue trendline - forming a huge descending triangle on the logarithmic chart. The support at the 110 to 100 levels seems to be pretty strong - especially when we look at how LTC behaved back at the beginning of April, when the whole market was bearish but LTC just hasn't been pushed down to the fibonacci retracement of 0.786 at about 106. 110 was holding strong - and I think it will do so again in case of a retest - especially when we rememer that huge pump on the 12th of April and how many people missed out on the opportunity. But the support area at about 110 to 100 is a very strong psychological support as well given the fact that 100 is one of the most important big evens that LTC has ever crossed.
The upper trendline on the other hand has been confirmed about 4 times now - the last time when LTC hit the 180 levels some weeks ago. It was quiet a shock for me to see LTC fall so quickly after it retested these levels. It only really made sense to me when I looked at the logarithmic chart and saw, that it actually retested the upper trendline unsuccessfully.
Seeing that LTC has been rejected so strongly at that trendline suggests that we might see lower levels again - especially since we broke 137 during the last few days and there ise no reasonably strong support until 110 that seems to be strong enough for LTC to bounce off and become bullish again.
I therefore expect a retest of the 110 area - and those are my entry levels. I would exit LTC completely when it breaks below the dotted blue trendling, since it is LTC's most important logarithmic trendline since mid 2017 that has never been seriously broken before (it can be easily spotted as well if you haven't already included it in your charts).
If we actually see a bounce at the 110 area, I see good reasons to be bullish on LTC for the coming months and at least for about the rest of the year 2018. The target should be the ATH, from where I would begin to set stop losses and continue to set them further up while riding the wave up to new highs.
Thoughts on the idea are appreciated.
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So as I already expected - we bounced off of the 114-106 area. I would still expect a retest and further consolidation of the area during the coming days - but the support area seems as strong as I already expected it to be.
Have an eye on BTC's 7000-6800 levels as well. If we find a triple bottom in that area during the next few days, I am bullish again regarding this market.