LTC/USD: Getting ready for it's next major uptrend?
BTC is currently facing resistance from a trend line that formed from it's first break-out a year ago from the single dollar stages.
Although I do see it forming a rising wedge, if it manages to blow past through it and close on-top. If the rising wedge fails ontop of the trend line resistance it should now act as major support. Once broke out of the channel it's only one direction and that = up.
Second scenario can be if BTC targets $12.4k-12.7k and retraces back to $8k areas that can bring LTC back into the $160's.
So close scenarios to watch. RSI looks extremely healthy on the daily as well as MACD.
This isn't investment advice. Don't trade off this chart. Just plausible scenarios that can occur.
Although I do see it forming a rising wedge, if it manages to blow past through it and close on-top. If the rising wedge fails ontop of the trend line resistance it should now act as major support. Once broke out of the channel it's only one direction and that = up.
Second scenario can be if BTC targets $12.4k-12.7k and retraces back to $8k areas that can bring LTC back into the $160's.
So close scenarios to watch. RSI looks extremely healthy on the daily as well as MACD.
This isn't investment advice. Don't trade off this chart. Just plausible scenarios that can occur.
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Closer Time Frame views. 2.20.2018
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Also BTC is 10% away from reaching it's major down trend line, how will it react? Well'p only time will tell. But that test which should happen in the next 2 days will define which direction LTC will be taking now that it's also targeting a 11 month old major trend line.
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2.20.2018
If this role pays as it's supposed to. We should see a target of $300-310 with this breakout based on the size of the flag pole.
If this role pays as it's supposed to. We should see a target of $300-310 with this breakout based on the size of the flag pole.
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Well'p what have we learned today? That bullish patterns inside bearish patterns are prone to loose. Price failed to break-out through the major 10 month trend line and has now fallen out of the rising wedge. If $202-210 minor support looses I see a retrace back to $182-186. If $182-186 fails Price should retest the previous breakout of the downtrend which will cause it to skyrocket a solid 20% immediately.
Also price retracement from a broken rising wedge usually retraces the price from the base of the wedge which ironically is the same exact price to the top of the downtrend line it broke.
Keep in mind that price is still within re-test range of the pennant breakout so it can also go vertical
Also price retracement from a broken rising wedge usually retraces the price from the base of the wedge which ironically is the same exact price to the top of the downtrend line it broke.
Keep in mind that price is still within re-test range of the pennant breakout so it can also go vertical
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Close up view of the Pennant triangle we have to watch for price action. You guys know how fast this market can dump or pump whenever a candle goes in either direction.
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Also keep in mind that a "fake-out" can happen. I won't feel comfortable til a daily closes above $233 for upward continuation.
Trade active:
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Approaching first scalp target. Taking a small position anywhere from $182-184 to sell to the FOMO pump to $200-206
I still believe it'll see $160's to re-test the breakout.
I still believe it'll see $160's to re-test the breakout.
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Possible Short idea if it breaks out of the minor downtrend line to re-target $200-206
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Congrats to those who bought the dip. No buy zones changed/adjusted.
Landed perfectly and broke out of the channel.
If BTC can close above $10300 and LTC above $211 I see a confirmed reversal.
As of now I'll be watching this $206-210 zone closely.
Landed perfectly and broke out of the channel.
If BTC can close above $10300 and LTC above $211 I see a confirmed reversal.
As of now I'll be watching this $206-210 zone closely.
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2.26.18
Rising wedges within Rising Wedges? Looking at the bigger picture and 6 hour RSI since early December downtrend the breakout on LTC has re-tested on the RSI but not the chart price breakout. Re-setting the RSI back near 30 falls in around March 8-10. If we look at the bigger picture of the first base formation of the wedge It's around $86. If We retract $86 dollars we will ironically re-test the major downtrend breakout on the chart which lines up around March 8.
Although LitePay is supposed to be announced today we may see LTC go King FOMO up to $270 or more. Lets see how this one plays out.
If this scenario does happen we can possibly see $136ish levels again.
BTC formed a similar scenario as well.
RSI
Rising wedges within Rising Wedges? Looking at the bigger picture and 6 hour RSI since early December downtrend the breakout on LTC has re-tested on the RSI but not the chart price breakout. Re-setting the RSI back near 30 falls in around March 8-10. If we look at the bigger picture of the first base formation of the wedge It's around $86. If We retract $86 dollars we will ironically re-test the major downtrend breakout on the chart which lines up around March 8.
Although LitePay is supposed to be announced today we may see LTC go King FOMO up to $270 or more. Lets see how this one plays out.
If this scenario does happen we can possibly see $136ish levels again.
BTC formed a similar scenario as well.
RSI
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New updates on a new post.
