Since the initial price break, LTC has just checked into the original bullish support as we got dragged down by the King, BTC. It is a very interesting place we have stopped as this happens to be the crossroads of the bottom support of the pennant and longest bullish support line. As long as it holds, it should send us up and out of the triangle. A lot of longs have been liquidated at this point - look for price chasing if we go up, especially if we spike quickly. This is LTC's last shot.
There is also a bullish divergence in the RSI and LTC/BTC is in a giant pennant looking to breakout as well - meaning breaking free from BTC prices for a little while and not being rag-dolled down. July 17th seems to be an important date based off LTC/BTC - then end of the pennant. The start of the moonshot, or the expiration date for litecoin? - very interested in finding out.
If you're wondering about the roman numerals, search "three drives pattern" - please thumbs up if you want this updated regularly with targets and what not.
This is not financial advice or trading advice. Just interpreting the charts as they change. Do your own research -- you have the internet at your fingertips don't put your whole fate in someone else's hands.
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Currently on my way to work so am unable to make a chart but that drop this morning was unexpected but o.k. as long as the wick is sucked up by days end. You can see at previous support lines there are wicks that extend past the support line from panic selling and blood in the streets buyers. Today will be very interesting, look for a reversal or this chart needs to be adjusted
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We just bounced off a support from the wicks in February, lets see if it holds before entering a trade!
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Still have held the support from the February double bottom wicks. If i zoom out, the wave trend looks identical to a reversal. Nice looking doji and morning start setup, hopefully the volume pours in. We have under 3 hours before the 1D UTC candle closes outside of the falling wedge and nullifies the pattern on a 1D aggregate chart.
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Looking even better on the 2H chart. Morning Star with Long entry confirmation on wave trend (not always right)
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Look at this! LTC/BTC 6 hr looking like a strong reversal which coincides with what we'd need to see out of the morning star before days end! Thumbs up - LTC may be alive after all!
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Here we go! Also found a head and shoulders on the 30 minute to confirm all this! We have confluence! Thumbs up as we should see the thrusters kick on!
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We did it - although it did take a few hours longer than hoped. This is shaping up nicely as a 3 drives pattern! Only thing left to do is breakout of the top!
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LTC/BTC looking very bullish and about to take a run at the resistance. Breakout will set LTC free from BTC for a while!
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Shaping up much like Aprils bottom. Accumulation should almost be over as we head toward the top in the coming days. Breakthrough would bring us back to ATH's
Before someone calls me out on it - falling wedge more than a pennant... both bullish
VaidoVeek
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@DahcNotsgnivil, yes this looks more like falling wedge! Nice continuation pattern imo!
CrypticTrading
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@VaidoVeek I agree, LTC not for the faint of heart. Good luck, see you at the all time highs shortly
BillMeyer
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@DahcNotsgnivil, At the moment - No Volumes. Technical Analysis, Charting conventional wisdom just does not seem to apply anymore
CrypticTrading
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@BillMeyer, a decreasing volume with a decreasing price is a bullish scenario just as an increasing price with increasing volume. Only when they are opposite do we have bearish scenarios
CrypticTrading
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@DahcNotsgnivil, if the price was going down and more volume was pouring in that would be a sign that people were selling more than buying. Volume will come when the reversal has begun
BillMeyer
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@DahcNotsgnivil, OK - well then this one is loaded like a rocket ship heading to Mars.
When I compare the volume for September - November - December period of he big rally, huge increase in volumes that was before the rally. Now it is asif there is not that many trading happening.
Also - I've seen it a couple of times... a whole number of currencies dip simultaneously - like literally in the same seconds - all over the board. Now... nah... that is just a bit strange. Yes with a big run on stocks or banks that happens... but down to the same seconds across the board? Across exchanges? It's asif all the market is subscribed to exactly the same trading strategy across all instruments.
CrypticTrading
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@BillMeyer in my opinion, these markets are manipulated right now in a period where they are scaling up to full size. The actual impression small traders have and are leaving on the market is only shown by the wicks we have outside the channel - which manipulation sucks back in to keep the pattern. The trick is finding which pattern it actually is and it’s process of elimination until you do, hence why TA is wrong most of the time in crypto. Manipulation coul also allow shake outs to occur such as the huge short spanned drop that occurred after ATH. Liquidate the panic and at the next spike, you’ll have even more coins you bought for less.
But what do I know, this is the Wild West of this century - nobody has seen it before.
And at the moment LTC have touched 2. sept. 2017 dip also! Role reversal (Y)