botje11

Litecoin LTC about to break up towards 40? Part 3

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
So the far the past analysis have been working out quite nicely, but of course the higher we get the bigger the risks become. In the previous analysis i mentioned that if the bulls would be able to keep it above that trend line on the left, it could become very bullish . With that i mean a very big rally, towards 50/60 even. But the only way that can happen, is if Bitcoin' can break the 4200 and make a good convincing rally. Because that would make the inverse H&S even bigger than we assumed from the start. But this means the current triangle has to hold and we need to see a good volume break up.
The less bullish version, says that if we break upwards from this triangle, we could be moving towards the red resistance where the yellow circle is a target zone as well.

The purple resistance is the first level to break for now. If support breaks, we could be testing the other support levels again. Anything above the red zone on the left, could mean bullish movement for the mid-term is possible.


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Previous analysis:

Comment: What a dump, it never even got above the purple zone and the move turned into a bear flag. Because we stayed below the purple zone, this should be considered as an impulse wave, meaning, it is very likely to see another wave down. Since we are at a big support now, it will depend where this last wave will end. For the long term bullish picture, it would be best to see a bounce here and than make the drop, so it can still stay above the support zone. Otherwise it could mean the whole bull trend is over already
Comment: I mean something like this
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