LITECOIN: LTCUSD Wave Power and Chart Porn
This was a short on Wednesday with a stop at 80, only flipping
back from negative to positive on the interesting but hair-
raising retest of the downtrend line shown on the chart.
Once broken above the downtrend, that retest...look at it...
it flew high and then came all the way back to the same line,
used it as support/little double bottom there too and off it flies
...then a continuation pattern and then this incredible impulse
wave yesterday, so strong and true. Really technically beautiful.
No Alt trends like Litecoin does and so it's a favorite trade for
trend followers, evidently, as the chart shows. One that you
could tear out and return to and drool over: full-on chart-porn.
Now it's back testing its highs with the old dynamic support
now likely to act as near term resistance above - Bitcoin is testing
the old high too now - so either take profits at 102 and re-enter
long again if 104 is broken on upside with
stops 3 points lower at most, or run a stop under 99.
If Bitcoin comes off from here in near term Litecoin will too.
First support in this event will be 95 with more significant
support at 92. Look to buy from here again if it comes off
from the highs.
This was a short on Wednesday with a stop at 80, only flipping
back from negative to positive on the interesting but hair-
raising retest of the downtrend line shown on the chart.
Once broken above the downtrend, that retest...look at it...
it flew high and then came all the way back to the same line,
used it as support/little double bottom there too and off it flies
...then a continuation pattern and then this incredible impulse
wave yesterday, so strong and true. Really technically beautiful.
No Alt trends like Litecoin does and so it's a favorite trade for
trend followers, evidently, as the chart shows. One that you
could tear out and return to and drool over: full-on chart-porn.
Now it's back testing its highs with the old dynamic support
now likely to act as near term resistance above - Bitcoin is testing
the old high too now - so either take profits at 102 and re-enter
long again if 104 is broken on upside with
stops 3 points lower at most, or run a stop under 99.
If Bitcoin comes off from here in near term Litecoin will too.
First support in this event will be 95 with more significant
support at 92. Look to buy from here again if it comes off
from the highs.