I'm a bit more bullish on litecoin after seeing the amount of volume that's being pushed. If this is still just a period of consolidation for volume to catch up with the 2 million dollar sell wall at $50, then we should see an attempt at breaking out near 49-50 again. If the market is really bearish then stop losses need to be set in the low 40s and fills for mid-high 30's.
My advice is not based on any experience, but months of basic trading research at this point. Trade at your own risk and with what options you feel are the smartest. NOOB TRADER in the title haha.
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Look for a breakout on the upper limit of the descending triangle, this is a bullish break, a break on the lower side is a bear signal. If it breaks on the top it will bounce back and touch the top, then take off to what I hope is 50 or beyond. If it breaks out below then get ready for a good dip.
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Touched the top like we thought, but did not bounce back toward 47-50... bears might be winning the fight here as massive sell volume showed up after the bottom limits of the channel that the price has been bouncing from was broken (white line on top and bottom). We might see a small push back into the channel with a sharp drop, or a price drop to the old support and back to our new 40 support.
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Could also be consolidating, as we saw before... a move into the ascending triangle would give us a bullish signal. A continuation of the pattern into the descending triangle will tell us a lot depending on where it breaks. If it breaks at 50% of the formation expect a deep drop into the purple . If at 75% it breaks downward then expect a drop into the dark blue. There's still plenty of bulls showing up in volume for things to turn around or at least allow profit from spikes back into the white channel. Previous lows in green show us where there are opportunities for small channels to form and areas they will bounce.
The upper break in the past triangle was a bullish signal but volume could not complete the want to go up. The next break could respond with a similar result as buy volume has not decreased too much. Sellers are taking a break and there is enough support to keep us going.
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Entering the ascending triangle. Will it reject?
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Back down we go!
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We could see some resistance here back to the top of the triangle. I'm doubtful we will poke through the top.
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Possible reversal for another attempt at 50??
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I think this might be a little more likely
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^^
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I think its about to go down.
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Entering the middle finger
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Possible resistance
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unitednoobies
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Great charting. Would you see a quick snap it 35 -37 and run right back into 43 - 45 in the next couple of days?
grantpk
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@unitednoobies, I myself am preparing for that possibilty. If we see a break under 38 then it will seem more likely. The chart underneath could be a new reiteration of this pattern I've carted if 40 is as strong of a support as I think. 44 ish resistance seems about right on the way up before taking off again like I hope to see!
1st entry 39-40.5, 2nd entry 34-36 for me.
grantpk
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unitednoobies
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@grantpk, definitely strong support at 40 level. However, I think we will see high 30s to shake out weak knees first before an uptrend move. especially there's plenty of buyers waiting at mid 34 - 37. As for me, I will hold probably on more of a buy then sell since my entry is at around 30.80. May I ask yours?
grantpk
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@unitednoobies, 30.8 seems like a safe spot IMO. I'm slightly more conservative at a 31.2 being my lowest. And yep, there should be a huge buy wall at 35-36 ish.