MarcPMarkets

LTCUSD: New Low Or Double Bottom Formation?

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTCUSD update: After a slight retrace today, it appears the coins are poised to retest their recent lows. As I wrote in my earlier ETH report on S.C., there is no reason to be stuck hoping. If a sell signal appears earlier than expected, then it is time to adjust.

My recent ETH swing trade long was exited for a smaller profit. I wrote about a bearish trend line that is still in play. Litecoin has the same situation. 124 is the location of the bearish trend line and price has rejected it.

Here is one paragraph of my LTC report that I published on S.C. earlier today:

"Keep in mind the 138 resistance (.382 of recent bearish structure) is what price needs to compromise in order to prove that bullish momentum on the larger magnitude is in effect. Until this occurs, bullish potential is limited and why it is a good idea to be conservative with swing trade profit targets when the next buy signal appears."

There is also a bearish reversal zone boundary defined by the 128 level. As long as this lower high formation stays intact, it is reasonable to expect a retest of the low 100s.

In summary, as price attempts to revisit the recent low, we will be watching for reversals. Particularly in the 105 to 100 support area . This is where the highest probability exists for a bullish pattern . The idea is to capture a piece of the next retrace higher, and possibly hold if it evolves into a larger time frame trade.
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Comments

Thanks for all your analysis Marc. Hope you are well.
+1 Reply
Always like seeing your ideas. I started learning trading because of you. I'm seeing things similar to you right now. I think it's going to depend a lot on bitcoin but these waves up haven't been as impulsive as one would like to see to make a bullish call. Check out my btc chart and let me know what you think. It's got 3 different options and is based solely off market data not my bias(which is learned from you).
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whats about BTCUSD any update....
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Based on the curvature of the trendline from 2 hour and bullish divergence on macd we are looking at a major break up either today or tomorrow. Don't miss it!
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aformby aformby
@aformby, oh did i mention the inverse H&S too
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aformby aformby
@aformby, we're going to blow 138 like a hooker on steroids by going all the way up to 220.
Rebound to 170 - 180 range
Come end of June we're looking at 500+
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DanTromp samiswilf
@samiswilf, How disrespectful - Don't look at his charts then..
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aformby DanTromp
@DanTromp, Everyone has their opinion, I think Marc is wrong on this one too, I could be wrong, but I don't think I am. My analysis shows many indicators point to a major break up, including moon and 3 dead cats pattern, which has been spot on for all cryptos up to now!
+2 Reply
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