Bludwood
Long

LTCUSD -- Breakout of Triangle (log scale) & 99Day MA

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Continued update from 4/10 Trade --- Two majorly bullish signals today.

1) Breakout above downtrending resistance (log scale)... This line was already broken on standard scale.

2) Breakout above 99-Day MA which was acting as resistance.

LTC looks poised to move sideways, and possibly retest the two above as support, before moving on to the 210-220's.

Keep an eye on if these lines are broken to the downside as that would be bearish at this point.

Good luck, and be patient.... LTC is building a base from which to build a large parabolic curve.... The wider the base, the bigger and higher the curve could potentially be.

-Blud
May 04
Comment: Also -- Keep in mind: There is an inverse head and shoulders on the chart (bullish), a cup with a handle (bullish), and a double bottom (bullish) at play here.... The potential exists for $500 LTC within those signals.
May 06
Comment: LTC has currently retraced to the 7-DA MA, which is just above the 99-DAY MA (162)... So far LTC is acting in accordance with the chart above.
May 06
Comment: LTC has traced to, and tested, the 99D MA as support.. Holding above both the down trending line and the MA would continue to be bullish. A break below either would weaken it's hold at these levels..
May 07
Comment: LTC tested the downtrending line as support and bounced off it... LTC could continue to drift sideways / downward gaining support prior to pushing to the next level.
May 08
Comment: LTC continues to test the downtrending line as support. It should continue it's sideways direction before resuming to new levels.
May 10
Comment: Rather negative to see LTC fall below both supports and back into the triangle. Could become a sell below 143.

Comments

Thanks, you Have helped very much, I am trying to learn a new discipline, this one is very different, from others, that l have learned in the past, Again thank you
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Do you feel that ltc is oversold at $180?, if so is support around $162?
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Bludwood Cryptonailer
@Cryptonailer, Support is the downtrending blue line and the 99Day MA right now... I don't think it's necessarily overbought.. It could go sideways / down in a consolidation pattern, but I think (I M O) it's heading to 220's in the near term (a week to 2 months).
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