-Watch for a downtrend in LTC over the next hour until we reach wave E in the Elliot triangle wave -Once we reach wave E I see another test at all time high levels
Trade active
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-Currently breaking through channel if it holds above channel (around $346) could see some push towards $380+ tonight
Trade closed: target reached
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-$380 reached, needs to break $383 to continue these gains tonight. (short-term goal)
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-BTC gains and profit taking halting LTC gains at the moment next goal for LTC is $420 if the next level of $383 is broken.
well, a rising wedge actually is a reversal pattern...
qasamwahid
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@bysteven, The wedge pattern differs in that it is generally a longer-term pattern, usually lasting three to six months. It also has converging trendlines that slant in an either upward or downward direction, which differs from the more uniform trendlines of triangles.
arvincash88
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@qasamwahid, 3-6 months on what? stable trading like stocks? fiat trading? thats a flexible theory just like elliot waves,etc and doesnt have to be in certain range of time, see many traders posting triangle lines on their ideas at 30min,1 hour,4 hour or 1 day.
holtmeierbd
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@bysteven, Could very well be if we break its recent support around $305.
212mmb
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so far this is on point
StuddMuffin
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Are we expecting a pull-back at $420? I ask because other exchanges are already at new highs. Thx.
holtmeierbd
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@studMuffin, All ATH's have a slight pullback, but I think the biggest roadblock and physiological resistance for LTC will be $500
Sadly this broke down, however we are seeing a rising triangle, which will push us to around 360, and then a rising wedge, which will push us to 280-300, so it's just a waiting game right now
holtmeierbd
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@croganm, agreed I see it pushing to 365 range as well for now.