Shortly after i posted my LTC' analysis, where i was still a bit neutral, Bitcoin' started to show some bullish signs. Because of that LTC' was moving up as well and was quickly bumping against that red resistance on the right, which was the neckline of that inverse H&S i mentioned in the previous analysis. Target of that IH&S has been over reached even and now we are seeing rejection again from the longer term resistance (red zone on the right). Lower time frame shows a possible small double top as well, suggesting we could make a bigger correction now towards the 46/47.
When looking at the chart on the left, there is more than enough room to drop to the 45 even like the blue line is suggesting. Testing the support of the previous bull flag. If we see that happen and the market and LTC' turn up again, we could see that 50ish level break. I expect to see a big move happen when that does, but that is guessing for now. It has been a long time ago since a big Alt broke a big resistance like this one. So i am not sure how the market will react if that happens. Whatever happens, we should not drop below the 45ish again.
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BTC looks like it’s about to pop 4K and rally now too
Boss_Coyote
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WoAh we might be going up to 55-60 today ... wtf is going on ??
moorbles
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Thanks for this Michael, always appreciate your insight. I'm looking at LTC and thinking now might be a good time to take profits. Seems like it's had its fun, ETH took over lead bull duties yesterday and BTC followed quickly. No breakout movement yesterday for LTC and we have some bearish divergence on the 1D (also present on the 4hr). Agree we shouldn't dump too hard though, unless BTC/bigger coins do. Plenty of support around $43-$45.
Boss_Coyote
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Ltc looks like it’s reving up to puncture top of channel