With the resistance from the all time high, I believe it is likely we see some downward trends over the next two weeks. If we do we're solidifying the formation of the Handle part of the C&H Pattern. Cup and Handles are bullish continuation patterns, so after the dip we're likely to see some rapid growth stopping well above the ATH of ~$94.
** Comments and critiques always welcome especially contrasting ideas ** @CAG_CryptoTA
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I still personally believe we are topping out on LTC, though there is still room for some short term growth. Although BTC broke through 10k with momentum we need to see how far it holds out. Watch BTC, I feel like in this case the two are linked. LTC will lag behind BTC. We may still see the C&H formation. Great time to take profits, but risky to enter at such a high with such a long time since the last major consolidation.
Most people seems to buy both LTC and BTC at the same time so if BTC is not going to dip, LTC won't either. What do you think?
Also, people know the 10K is a vital barrier to cross, so I suspect people are holding their BTC to see that come to reality.
caguillen214
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@silmaril0875, I agree with what you said. I personally think there will be some correction in BTC coming soon. Like you said 10k is a vital barrier and I think even upon crossing it we'll likely see some correction before returning to those prices. Thank you for your comment.
caguillen214
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@caguillen214, That being said there are plenty of people projecting a decent amount of growth before the consolidation. Unless we blow through 10k I think we'll see some dramatic correction. Personally, I'm waiting to re-enter BTC.
silmaril0875
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@caguillen214, I've been watching the prices on Bitfinex and it seems the price is propped up to protected positions in BTC. My view is the people that go bought out during the run will have to buy back in if it doesn't correct which will push the price higher. At some point someone will run out of patience and we'll see a move and it will be very quick.
caguillen214
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@silmaril0875, I agree. Whoever is out will have to be quick to run with the bulls because an upwards break will likely have a lot of momentum with it
silmaril0875
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@caguillen214, This little prediction just came true...
caguillen214
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@silmaril0875, truly, I should have written about that instead haha.
skyzacrypto
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@silmaril0875, $70, here we go! holding thumbs for the breakout after this