Friends, lets take a look back to 2016, before the infamous 2017 bull run began. We can see a lot of similarities when we zoom out and look at a 2 week chart to what we are currently experiencing.
Pay attention to the Stoch RSI, we saw a test of a similar ascending triangle before a pullback and consolidation for about 9 months!
I am not saying we will have to wait 9 months, but it does appear to be a similar pullback and rejection. We do currently have a long-term ascending triangle support we are "sitting" on. I will be keen on watching this support as well as the green support which spans back from 2015. If these are broken, I will personally not be bullish on LTCs future.
A potential target around $4000 can be found from the ascending triangle width which started in late 2017 after the market topped and bottomed out in late 2018.
Good luck to all, I will be updating this as things go along with your support.
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From a short term perspective, here are the supports I am watching. We can definitely see $67 or $69 come. Does that mean it will definitely happen, no but it is on the table and would not effect the long-term view of Litecoin as long as it holds. My advice in times like these are to get out and enjoy your life. You can worry and check on your crypto as much as you would like but where we may see consolidation for approximately 9 months and be within this range, that is exhausting!
This is not investment or trading advice. Do your own due diligence and trade responsibly.
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watching a potential incoming drop to $70
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LTC Showing strength but we are now testing resistance. Breakout of a bottoming ascending triangle with the possibility to consolidate in a larger ascending triangle if we do not break through the red resistance line here.
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In the short term, we are in a descending triangle consolidating after that last leg up.
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looking for a break of $85.33 to avoid further consolidation at these levels.
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Friends, thank you for the support on this idea. Unfortunately, we are having a tough time getting above the 200 MA on an 8hr right now. Volatility should be coming in the next day or so as the 200 MA moves closer to the 50 MA. A potential bearish cross is incoming unless LTC can gain some legs and move up. $68-$70 is still on the table in the short term if we can't gain traction. Longer term, this idea is still very much in tact. I am personally expecting some chop for the next 1-2 months before the real bullish moves begin.
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Friends, the bearish cross of the MA's has passed and we are currently on a leg of support around $80. Nothing exciting to really report on here, we either hold and start the rebound up or we break and revisit the $70 support. Longterm, we are still looking good.
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Hi Friends, since my last post we have held the support. Our next challenge is to get over the red resistance line at around $82.90. Failure to do so will likely see another test of the support around $80 which would put a head in shoulders move down in play (shown in white). Things have been boring on the charts but are still playing out as expected!
We are like cockroaches. We will survive. Second best "Bitcoin" in the world is Litecoin. What are people gonna buy when their monthly DCA of $200 is all eaten by on chain fee of buying BTC and sending to HW wallet (and don´t kid me with lightning), so...
it just takes little bit of more time, we survived for 7 years since 2017 bullrun.... we gonna wait and make it
it just takes little bit of more time, we survived for 7 years since 2017 bullrun.... we gonna wait and make it