There is a large descending triangle formation with resistance along the recent downtrend trendline, extending all the way from 55.88. Now is a good time to be watching, as price action has been getting squeezed into the apex of the formation.
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LTC has managed to defy bitcoin movement and scale the first level of resistance. if bulls can manage to push beyond the major downtrend line located currently at 23.50, and confirm the level as support, then we could see a rally to 30$
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something worth noting is this small inverse head and shoulders formation that had formed below the first resistance line, that has broken out, and has a target of 24.50 ish.. which would lead to a breakout of the triangle formation/major downtrend
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BOOM.
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one more formation I think is worth pointing out... this inverse head and shoulders formed below the length of the downtrend line from 55.88 to 22.50. This pattern has a target of around 37.50, which would put it right into the bottom of the red trendline extending from a previous pattern.
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BOOM
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Target 1: 30$ reached
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I had thought this might happen, and I'm seeing evidence so I'll share it. I think there is a chance we could see a correction here back to 26.50. we are overbought on the 4hr RSI, and the recent uptrend has broken down, and the 50 EMA on the 1hr as well as the main support for the upward move is in that area. and also, that was a major resistance to have broken through. typically we should retest for support.
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and head and shoulders on the 15 minute.. breaking down.. target 26.50
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the bulls have really been trying hard not to let this go down.. nice to see for a change!
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Price got pushed back up through the resistance of the H&S on the 15 minute. nice!
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did work its way back down to the main support but only to 27.50 ish. in the form of a bull flag. im gonna stop over-analyzing things right now and just sit back and enjoy this. HAPPY HOLIDAYS EVERYONE!!
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back above critical resistance at 31/32
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i'm not sure why it reposted that old chart. my laptop is really acting funny the last few days. Hopefully this is the right one for "Back above critical resistance at 31/32"
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I've been scouring the forums for intel on what the typical retail investor mindset is.. and mainly, people seem to have the idea that this is a sucker's rally, and are ready for another dump. that's a good sign. lol. normally that's the case when we are at or near a bottom. it makes sense to me that we could see a test of the 50 EMA here, near the red trendline I had mentioned previously in my analysis, and that we would see a rejection from there, because retail investors aren't convinced. Which could form an inverse Head and Shoulders, with a target that would test the previous market bottom around 47-50 dollars. or 5700-6000 in bitcoin. Let's watch!!
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and there you have it.. the 50 EMA on the daily was just hit at around 34.50. If we can confirm the 50 EMA as support then we can see more upside but if we get rejected here, the inverse head and shoulders will still be in play
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Target #2 of my analysis was hit pretty close to 37$, the bottom of the red trendline.
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probably down to 26.5 - 27 area to form the right shoulder. let's watch!
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right after I posted that last update, a crazy amount of buy orders popped in on the order book around 30.50. I've never seen anything like it. not sure what it means just yet.. very weird..
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I don't see it on the other coins.. strange
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could just be spoofing. at any rate, LTC will confirm the next move down if it rejects from the trendline here with volume.
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now LTC has rejected from the trendline, and is forming a head and shoulders with the 30$ level as support, if we close below 30$ and confirm the level as resistance, then the target will be in the 24-26$ range
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Sorry guys my laptop crapped out on me and I'm in South Florida spending all of my time in my boat. Lol. Came up a hair short of the downside target, which was a great sign for some bull strength. red trend-line which acted as resistance for my last bullish target around 37$ has been surpassed, inverse head and shoulders on the daily chart has completed as expected... Enjoy the ride to 47-50$ everyone!!! I know I am! (I'm all-in on LTC
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That took a lot longer than I expected. Lol. Once we got going again, we hit that 47$ target area pretty quickly though.
Sorry guys my laptop crapped out on me and I'm in South Florida spending all of my time in my boat. Lol. Came up a hair short of the downside target, which was a great sign for some bull strength. red trendline which acted as resistance for my last bullish target around 37$ has been surpassed, inverse head and shoulders on the daily chart has completed as expected... Enjoy the ride to 47-50$ everyone!!! I know I am! (I'm all-in on LTC)