jovani7919

LTC/USD: Decisions are approaching - Waiting on King BTC's move

COINBASE:LTCUSD   Litecoin / U.S. Dollar
LTC obviously took the lead over "The big 3", since then BTC has moved 60% without making much effect on LTC's price, it has been sitting sideways for the past few days to 1 either give it's next leg up to target the 10 month old trend line which will meet with resistance around $300.

Scenario 1: It'll breakout upwards IF BTC can break out of $11.5-11.7k out of it's major Log downtrend line.
BTC has a scenario that if it fails it this breakout it can retrace back to $8k around the dates of March 8-10. Ironically LTC has a very possible scenario to form a bull flag instead of a pennant if it fails the breakout bringing it back to re-test the break out.

Also this scenario is supported by the rising wedge formation. Base formation price of the rising wedge = retrace of the rising wedge breakdown which = exactly to the price of the breakout for a retest.


Scenario 2: BTC breaks out of it's major log downtrend line around 11.5-11.7 I do see BTC targeting these levels as it also formed a rising wedge broke down and retraced the price of the base of the wedge . It then formed a falling wedge ( bullish ) and broke out upwards which it "should" make it re-target the previous top from the risiing wedge breakdown = ~11,600 which again, ironically makes it meet with it's log downtrend resistance. IF it breaks that will most likely make LTC breakout upwards as well from $216 Resistance.


This will be one exciting weekend to follow. Practice risk management and trade what you see not what you feel.
Remember bullish patterns inside bearish patterns don't win.

IF the do fail a breakout, charting the RSI on both LTC and BTC do show that March 8-10 can be zone of reloading.


Don't trade off this chart. It's only possible scenarios.


Here is my previous LTC analyses that I was updating on the daily.

Nothing has changed besides new trendline updates.

Comment: 8 Hour close up view.

Comment: Can it be the last time to buy cheap LTC? Or can it be the last time to sell before a leg down?

Comment: Tonight will definitely be a sleepless night.

Comment: 2 Hour update. 3.3.18

Decisions are getting closer as BTC meets with it's first resistance at 11485 (currently 11432 as I update this) I'll add to my Longs after a break & Retest

Comment: 5 min time frame movements. 3.3.18

Comment: LTC update.

If it breaks down off the triangle = red candles.




It'll depend on BTC if it breaks down from it's rising wedge.

Comment: LTC facing resistance on both the triangle line from it's breakdown and 2 hour SMA200.

Comment: Congrats to those who followed my post on BTC's $11600 target and LTC's breakdown scalps.



BTC outlook. Called the Rising wedge earlier.

Comment: Going just as I expected.

Comment: We will know if it's ready for more downfall in the next few minutes
Comment: Yep...
Comment: Update. I've been feeling this retrace to $162-158 since the $244 area. Let's see if it gets there in the next 3 days.

Comment: Smaller time frame close up action.

Comment: Congrats to those who have been following this post to $158-162 targets. It couldn't have got more perfect.
I've been calling this crash since Feb. 15 on my original BTC post. I stated a major retrace will happen between March 6 - March 10.

Price bounced off $168 and currently at 10%+ profits :)

Comment: It's getting tight on the breakout to the upside. Lets see how the market reacts to this area in the next couple hours.

Comment: RSI break-out continuation.

Comment: Yep. Bearish scenario won. If you guys saw my BTC update on the rising wedge on the edge of breaking down. BTC moves the market.

Comment:
do u really expect BTC to hit 8k on mar 10th, can't see that big a move in 3 days.
Reply
Nice scenarios.
If buy now. What level stop loss?
Reply
jovani7919 Cryptisch
@Cryptisch, I'm adding another bag whenever BTC hits 10730 level. LTC can be anywhere from 203-205, I do see a short term opportunity to $214 if BTC holds 10730 and bounces up to the $11.5k territory.

Keep a close eye on this as when a big time frame candle closes it dumps harder than what it pumps.

$201 holds support. If that fails next stop is 195-196.
+2 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out