MaxKoke

LTC hit bottom? OR drop to $5-10?

KRAKEN:LTCUSD   Litecoin / U.S. Dollar
Few different key things to think about in the coming days and weeks. After the good news for the crypto market when the SEC said crypto ETF is a serious possibility and LTC's new collaboration, we saw all the cryptos shoot up in value. With LTC rising nearly 34% over the last couple of days. But the key thing to think about, (I am a Bull so I want this to be the bottom but I cannot have tunnel vision. We see what we want to see) So LTC, after doing so well, will most likely see a correction. The degree of the correction though is the real question. A possible drop to $5-10 is definitely not out of the question! RSI is running very high, and staying high so this a bullish sign. However, LTC could also be forming a large bear flag on the 1 day chart. If the bear flag is validated then a price drop to $5 is very possible. Also the Bollinger bands on the one day support that correction. We could see resistance in the low $30 range as there will be a double bottom here if the bulls can resist. If the bulls can hold on and we see the $50 heavy resistance break for the bears, and the bulls can keep it there, the probability that LTC has bottomed is defiantly increased. However if we loose the resistance around $30 and can't hold, then the price might very well plummet.

Like I said I am a bull so my hope here is that we see the bottom here and the 2018 bear market can come to an end. However we have to be open minded and patient. A short to $5-10 is definitely not out of the question and neither is a short squeeze to $50 +.


I am very much a beginner and just want to make observations and learn from them! My simple analysis is for fun and learning, please do not make trading decisions based on my observations - like I said I am just a beginner.


Thanks so much for reading my analysis, please follow me and like my post!

- Max K.
Comment:
Comment: possible bear flag here on the one day
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