LTCUSD: I can't be the only one seeing this Ascending Triangle
This ascending triangle appears to be a real humdinger. The green lines represent the baseline and upper limit of the monthly bollinger band and the bottom edge isn't included because of how it distorts the chart. Between 2016 and 2017 shows what an advantageous interaction between price and the monthly bollinger band would look like and I don't see that happening now.
I do think we will see a retest of the triangle baseline and a break which will be quickly bought up. I refer you to my linked idea where I called silver futures taking an absolute thrashing BEFORE the COVID 19 dump. My target was a tad to bearish but the overall view was accurate. I see a similar fate in LTCUSD right now. It does seem audacious to call for a 90% drop in BTCUSD but that is what this triangle and fib retracement predict. Additionally the hidden bearish divergence also suggest a retrace is due. Perhaps we will merely see a retrace to the monthly baseline before we proceed forward but I have my doubts. If for some reason the triangle base holds we could see it turn into a massive saucer but I have my doubts.
On the regular chart we see the black trend line has flipped from resistance to support. That is a major sign that retracement is due. Especially when it happens at the top of the monthly bollinger band.
Here is a historic example of what I am talking about with BTCUSD. A long term trendline that has been both resistance and support comes back to haunt the coin at the monthly bollinger band.
Another look at a this chart which is bearish in the intermediate is with a falling channel which ultimately creates a massive bull flag. I can almost hear the narrative now in a year or two time when people start conversating about how innately superior LTC to BTC, so forth and so on as this thing comes barreling out off consolidation pattern. But the next move is down and I'll be waiting at the dip.
LTCBTC has this wedge structure and a lot of people are, I assume, hoping this is bullish for LTCUSD. I am not so sure. I suggest this predicts a retrace in both assets but with LTC initially leading the way and then recovering faster.
I do think we will see a retest of the triangle baseline and a break which will be quickly bought up. I refer you to my linked idea where I called silver futures taking an absolute thrashing BEFORE the COVID 19 dump. My target was a tad to bearish but the overall view was accurate. I see a similar fate in LTCUSD right now. It does seem audacious to call for a 90% drop in BTCUSD but that is what this triangle and fib retracement predict. Additionally the hidden bearish divergence also suggest a retrace is due. Perhaps we will merely see a retrace to the monthly baseline before we proceed forward but I have my doubts. If for some reason the triangle base holds we could see it turn into a massive saucer but I have my doubts.
On the regular chart we see the black trend line has flipped from resistance to support. That is a major sign that retracement is due. Especially when it happens at the top of the monthly bollinger band.
Here is a historic example of what I am talking about with BTCUSD. A long term trendline that has been both resistance and support comes back to haunt the coin at the monthly bollinger band.
Another look at a this chart which is bearish in the intermediate is with a falling channel which ultimately creates a massive bull flag. I can almost hear the narrative now in a year or two time when people start conversating about how innately superior LTC to BTC, so forth and so on as this thing comes barreling out off consolidation pattern. But the next move is down and I'll be waiting at the dip.
LTCBTC has this wedge structure and a lot of people are, I assume, hoping this is bullish for LTCUSD. I am not so sure. I suggest this predicts a retrace in both assets but with LTC initially leading the way and then recovering faster.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
