What I'm seeing in Litecoin's price and it's relation to BTC
Everyone reading this is probably aware of the insane amount of gains made on BTC over the past couple weeks; I made an idea explaining what i think is going on with BTC right here
if need be refer to that idea to understand what i'm saying about LTC, without further rambling lets go.
So LTC has about tripled over the past weeks along with bitcoin's unexpected doubling.
Before the crazy doubling in BTC's price, LTC was already following an uptrend on it's own, it was heading towards a resistance at the 90-100 dollar level the bitcoin rally however accelerated it's ascent quite a bit but it remained within the trend lines.
I would also like to add that i used the daily, weekly, and 4 hour chart and on all of them the levels were just about lined up.
I believe the weekly works best for alt coins especially when they line up with the daily.
Now how i see it is LTC is following a trend-line on the bottom and challenging a resistance at the top the distance we are away from escaping these two trend lines is about a few weeks or around early June on this day something has gotta give and that's either
1: extreme upside to test the resistance lvls i marked in the green.
OR...
2: some correction bak to the support at the beginning of the initial uptrend which is around 35-40 dollars.
{ It's important to note that alt coins like LTC and ETH tend to follow BTC pretty closely and that sense you can trade LTC directly between USD and BTC that it's usually worth it's value in satoshis, or so i think.
with this in mind if btc goes up in USD alts will eventually also go up in USD, especially those that can be traded with USD directly Like ETH, LTC and XRP.}
I am no good at Eliot waves but i thought i'd try my hand at marking what i think might be the first 2 waves and if the 3rd wave is the longest like it should be then that fact can support the fact that we will be breaking into the upside for now on that resistance line we are closing in on.
I think that so long as BTC can sustain this upward price action for another week or so that we can see LTC breakout into the next resistance point at around $125
There's lots of Volume on BTC and there's also the news about Fidelity that might be rising the speculative nature of traders so i believe that BTC will maintain this price action for a decent while longer and in turn boost LTC to the first resistance above 100 within the next couple weeks or less.
Now if BTC can touch that bump line i discussed in my BTC chart and sustain the rally above our ATH I would be pretty confident in 176 possibly even 200 LTC!
I am a fairly new trader and am just wrapping my head around the early basics but am trying to apply some of the limited trading knowledge i have and i want to share it with you.
I'm personally scaling my stops below the trendline and am aiming for getting out at 120 how effective that will be is yet to be seen but these are my thoughts, thanks for reading :p
So LTC has about tripled over the past weeks along with bitcoin's unexpected doubling.
Before the crazy doubling in BTC's price, LTC was already following an uptrend on it's own, it was heading towards a resistance at the 90-100 dollar level the bitcoin rally however accelerated it's ascent quite a bit but it remained within the trend lines.
I would also like to add that i used the daily, weekly, and 4 hour chart and on all of them the levels were just about lined up.
I believe the weekly works best for alt coins especially when they line up with the daily.
Now how i see it is LTC is following a trend-line on the bottom and challenging a resistance at the top the distance we are away from escaping these two trend lines is about a few weeks or around early June on this day something has gotta give and that's either
1: extreme upside to test the resistance lvls i marked in the green.
OR...
2: some correction bak to the support at the beginning of the initial uptrend which is around 35-40 dollars.
{ It's important to note that alt coins like LTC and ETH tend to follow BTC pretty closely and that sense you can trade LTC directly between USD and BTC that it's usually worth it's value in satoshis, or so i think.
with this in mind if btc goes up in USD alts will eventually also go up in USD, especially those that can be traded with USD directly Like ETH, LTC and XRP.}
I am no good at Eliot waves but i thought i'd try my hand at marking what i think might be the first 2 waves and if the 3rd wave is the longest like it should be then that fact can support the fact that we will be breaking into the upside for now on that resistance line we are closing in on.
I think that so long as BTC can sustain this upward price action for another week or so that we can see LTC breakout into the next resistance point at around $125
There's lots of Volume on BTC and there's also the news about Fidelity that might be rising the speculative nature of traders so i believe that BTC will maintain this price action for a decent while longer and in turn boost LTC to the first resistance above 100 within the next couple weeks or less.
Now if BTC can touch that bump line i discussed in my BTC chart and sustain the rally above our ATH I would be pretty confident in 176 possibly even 200 LTC!
I am a fairly new trader and am just wrapping my head around the early basics but am trying to apply some of the limited trading knowledge i have and i want to share it with you.
I'm personally scaling my stops below the trendline and am aiming for getting out at 120 how effective that will be is yet to be seen but these are my thoughts, thanks for reading :p
