Litecoin LTC Bulls are Alive and Kicking

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
I have to say, LTC' has been stronger than i thought past week or so. After i wrote my previous analysis, it was still moving inside of a big bear flag . I suggested at least another drop would happen, which it did. But instead of a lower low, we saw a good bounce up from that low, forming a double bottom which has never been broken since.

Part of my previous analysis:
Anyway, seems we are moving inside of a big bear flag now after this big dump. It is very likely that we will see another drop happen coming days to test support. To see where buyers are willing to get in again. Ideally we stay above that thick black line, but i doubt that. Staying above 40/42 is a must though, because if that one breaks anything can happen. Maybe that big channel will give support again, but i would give it 30/40% chance it will hold then. So only a break of 49ish could make things bullish again, but i give that like 25% at this point.

That double bottom shows there were a lot of eager buyers waiting to get in at the 44 prices. This shows that one always has to stay objective, because some signs (price movement) can indicate a change of plans.

Part of my previous analysis:
Litecoin is holding it's ground quite well, making a double bottom just now. Much too soon to say if that will be it, but it is possible. I do think another test might be likely, but so far the bounce of ltc and btc has been stronger than i expected though.

A bounce like that can be noise sometimes, but one just has to be aware of it and not ignoring it because it doesn't suit your position.

Anyway, that big 49ish resistance broke today and still above it at the moment. Of course depending on what Bitcoin' will do next, it does look quite strong at the moment for the mid-term. We have a clear support line now (blue line), which can not break anymore. Because a break of that line, suggests the eager bulls stepping in each time, are no longer there. The triangle is just a realistic option for the coming weeks. Not saying it will happen, but in case we do drop some again, than we know what to expect. Normally we should stay above the green zone at 50ish. Staying above that previous high.

When looking at the left, the bigger picture, we can see this 54/55 is a big resistance, had some rejections the past weeks. We have been staying above that wedge , something i talked about the past weeks. With today's push, it shows bull are not scared and are at least trying to break the 55 zone. If it breaks, we could see anther rally towards that next resistance zone around 65.

Previous analysis:

Comment: When zooming in, we can see the first bull flag broke up already, now it should stay above that flag now. If it does break, we should not see a big dump, but a drop to 50ish is allowed for the coming day or 2. Bitcoin is trying to push up and break the high it made a few hours ago, if that happens, we will probably see LTC going to the next "stage" between 55/56. Think we need Bitcoin above 3900ish to see LTC really break that big resistance around 55

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Litecoin in beast mode right now
nice flag pattern in play. check it out

Do you think this could be a big bulltrap like 2014 May BTC rally? I find the latest LTC price action strikingly similar.
First comment. Just want to say LTC is bullish AF RN.
+2 Reply
lvg3g lvg3g
Every time a resistance is hit, it is meant to be broken. It gets weak every time. Same can be said about support, vice versa.

Take a look at LTC performance since Dec. low. It's far and ahead of ETH and BTC!
+1 Reply
@lvg3g, True, that is how i look at it as well. What i meant with, bulls not being scared to push against the 55ish again, is a good sign
+1 Reply
xhunter botje11
@botje11, 55 is a historical resistance for LTC. With so low marketcaps everything expect BTC, ETH and XRP is a shitcoin at the moment and the big boys are just ranging. Upside is limited as long as they won't start breaking up + 4200 stays top for BTC.
@lvg3g, Been so undervalued so long!!! The flippening is upon us!!
+1 Reply
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