Hello traders and crypto folk, this is a more elaborated version of my previous post . This is not financial advice, but merely my opinion based off the 1 Day Chart of LTC and you should not participate in investing in LTC merely based off of this post - crypto is still relatively new and NOBODY can tell you exactly where we are headed, but we're all headed there together. I am not a financial advisor.
The first bullish signal on the 1 day chart is a three drives pattern we have fallen into and have currently been consolidating around. This also happens to be the shape of a falling wedge which in charting is typically a bullish signal.
The third bullish signal is we have hit and stayed above the long term trend line spanning back to when LTC was less than $10. This is a crucial support to stay above.
The fourth bullish signal we have is from the wave trend indicator which is showing us a double bottom has just occurred which previously have been followed by a reversal to an uptrend. The wave trend has also started to curl upward which is a nice bullish sign.
The fifth, a low CCI spike up which has previously led us into an uptrend.
And the sixth, oversold RSI spike up.
If parameters were based off of the three drives pattern/falling wedge, I would expect a price spike to around the top of the wedge or, i ($300-$375) the question remains on how long it will take until we get there.
If you liked this idea, please like and share this post and I'll keep it updated. I also think LTC/BTC has a big role in this and if you've made it this far reading this post, here's a little extra:
LTC/BTC has just bounced off the bottom of the 1D bull flag and created a wick. It should, but could also not be, up from here.
I may not agree with your target but your TA is great !
BillMeyer
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Losing count of how many times the stars aligned for LTC with nothing happening.
Hope this time is right
CrypticTrading
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@BillMeyer, TA is always changing as the graphs are always changing and giving more data to analyze. This is especially true in crypto since it is 24/7.
CrypticTrading
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@DahcNotsgnivil, I like to think of TA being useful for telling the direction, but not exactly how far in that direction, that's the tough part.
BillMeyer
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Well... Seems to have broken downwards.
Disappointed - but not surprised
CrypticTrading
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@BillMeyer, Wait for days end, may be a shakeout which a huge bounce would indicate. To be determined - I do know i'll have a nice average down if this isn't bottom.
VIDAL01MX
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@DahcNotsgnivil, better sell now that you can save something and repurchase in 70 dlls
urbanknight
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lol every week someone come and adjust the support line which we already broke it since days
VIDAL01MX
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no man, litecoin will go down to 75 dlls, abused you will lose money