LTC is currently at 189 (on HITBTC) in the C wave of and ABC correction of the larger Crypto Bull market. It has an extremely high probability of dropping below 100 within the next 2 weeks. I have been warning traders of this drop since LTC was above 240 a few days ago.
This analysis is based on a multi market analysis of Coinmarketcap.com, BTC, ETH, NEO, XLM, LSK, and more using tricks picked up from 30 years of technical analysis of markets and years of managing tens of millions of dollars as a top ten ranked series3 licensed former Commodity Trading Advisor. I only tell you all of this because there are too many new and inexperienced traders and market analysts giving bad trading advice to other newbies. I want to save you some of the pain I went through over the years. I learned the hard way.
Happy Trading.
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LTC Analysis still stands even though the move is taking longer than I expected. The market decided to take a rest and move sideways to slightly down for about 2 weeks and I now expect the move down to accelerate towards the target in the coming weeks. A lesson in patience. Thanks.
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I know it has been a while but just updating you that my LTC target is still in play as certain high probability events have not yet occurred in LTC, BTC, or in Coinmarketcap.com. LTC came extremely close to reaching its target of 100 before bouncing up to its current price of 140.39. Right now the daily RSI is at 54, a level not seen since a previous major high area around the March 3rd time frame. There is also hidden bearish divergence in the Daily RSI, suggesting a high probability of a continuation lower to begin soon. Happy Trading!
Trade closed: target reached
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Finally after a long and patient wait. LTC has reached its forecasted target of below 100. It took a lot longer than I expected but that is actually a good sign for future long term bullish moves, once this down move has completed. So much for all of the haters who said I was wrong, and that my 30 years of TA experience and years of managing tens of millions of dollars for Whales meant nothing. So much for Cryptofortune (now banned from Tradingview.com), also known as LitecoinQueen on Twitter, who was so confident I was wrong, she promised to give me 10 LTC and 1 BTC if LTC went below 100. Pretty certain she will not keep her promise now that LTC has dropped below 100 though, Ha ha.
My current success rate on Tradingview.com is 100% on closed crypto currency targets. My current success rate on Tradingview.com is 87.5% on closed Forex targets.
Excellent and "haters" aint got a prayer lol. Good job..
ChrisKazana
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Thanks Unwound. Al the best in your trading. @UNWOUND,
rehana123
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Hey KazanaWave, I started following you the day you put this TA out here, caz i somehow believed in what you said (also considering other market indicators including BTC). All you got were a bunch of haters who like to lie to themselves, cling onto false hopes and ignore market analysis. Though no one can predict the market perfectly, but it appears that we are headed towards your predicted target after all (<$100). You have nailed this one along with other crypto TAs you have posted.
So in your opinion, do you think we will finally break the bear market after bouncing off feb 6th bottom (around 100)? Is that a good place to place buy orders? or should we be patient as the probability of LTC dropping even further is not far fetched? What should be a safe buy target?
Keep up the good work and please keep on posting Crypto TAs.
Peace!
ChrisKazana
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Hi @rehana123, Thanks for the comments. I don't try to predict exact bottoms, but I would say start looking for any long term buy signals below 100. I would not try to catch a falling knife unless your order is sitting extremely low for any overreactions to the downside. It might be best to wait for some bullish indications like extremely high volume hammers, etc. at some significant previous support or resistance level. Thanks again and Good Luck with your trading.
rehana123
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@KazanaWave, Thanks.
PeeWoo
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I'm back to tell you that your prediction was incorrect and you should quit predicting and spreading FUD...lmfao
ChrisKazana
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LTC will drop below 100 soon, at its own schedule, when it is ready to do so. By the way, I don't have a problem with being wrong, but my analysis is rarely wrong. @x718style,
ChrisKazana
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LTC has dropped below 100 on Coinbase. While it did take much longer than I anticipated. The target was reached as expected like my many other targets. So much for spreading FUD. Lmfao.@x718style,
isaac392
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You can have 50 years of whatever you want, TA doesn't always works, sometimes a simple FUD can cause cripto to go down , announcement of litepay , price goes up
Can you explain to me why BTC WENT DOWN when we have fast and cheap transactions !!
ChrisKazana
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I don't recall ever saying technical analysis always works. Technical analysis attempts to predict how humans will behave in the near future based on patterns of human behavior. It is my opinion that someone more experienced at any craft or skill has the potential to understand that skill on a deeper level than someone without those years of life experience. Would you be more comfortable with a brain surgeon who has years of experience and a track record of successful surgeries, or a surgeon who has just graduated recently and has limited experience and a minimal track record?
Humans do not always behave rationally, so markets like BTC can go down when the fundamentals are good, or go up when the fundamentals are bad, but humans do react in predictable patterns, which is what a good technical analyst can use to forecast future prices with a high probability. @isaac392,