HyperionAllied

LTC/USD Another critical point approaching

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hi guys, I could almost copy and paste my analysis for ripple into here but i see this more as a buy opportunity as LTC hasn't been hammered with FUD as much as XRP. Sure it has had plenty but not so much as his little brother. Anyway moving on with the analysis, the 200 MA, 0.786 fib and trend line formed by previous lows all inhabit the same region so support should be found but with big mama BTC dragging LTC down I don't think it will hold. Therefore a likely retrace and bounce off the 1.0 fib is likely. RSI is in the 20 region so a bounce of the lowest fib looks good.

This all depends on BTC's behavior so if BTC bounces off its lower targets then LTC should do the same, if BTC breaks down to really ugly levels then at least there is a stop loss.

Be sure to check out my Ripple and Bitcoin analysis and feedback and critique is appreciated.

*This is not financial advice*
Comment: Broken down below the support level trade not active yet but confident we will get there. If we get a double bottom on the RSI that will likely be a good entry (approx 11 on the RSI).
Comment: Massive buy volume on btc and thus ltc as well to get us above the 200 MA. Very good signs for an overall trend reversal but could also be a bull trap (which would form a perfect Elliot ABC zigzag pattern downward). I'll still keep this trade open until if the bear scenario is correct. I'm calling it a night see everyone at ltc $1000 :)
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