botje11

Litecoin going Parabolic again or is it ending, part 2

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
The strength LTC has been showing the past months, the weakness it has been showing the past week. Bitcoin rallied so much, one would expect LTC to rally a lot more as it has done the past months. But instead, it barely even moved. Just doesn't make a lot of sense, unless we are seeing a lot of profit taking. The ending of the parabolic move shows us this, but so far not real volume dumping though. In the middle it broke a small support, but no follow through yet. With Bitcoin being at an important stage now as well, we can either see this H&S play out and accelerate down, or the H&S fails and we get to see a counter move instead. But then it should stay withing that possible wedge in the middle.

The 125/128 zone can still be a big support even if we make a drop now. But if that breaks, the next support zone is around 115 and 100.



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Hi,
You have so many great analysis.
This is my LTCUSD
Can you make a comment please.
Thank you.
Reply
Thanks for sharing @botje11 . Big fan here! I’m presently looking to go 3x on Litecoin as things stand now. Let’s Get This Money!
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thank you david for this update!
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@botje11 , have a look to the last weeks before the previous halving of LTC. You will see massive rally until around 50 days before the halving took place, after which it crashed strongly whilst BTC was going up. I am not saying history is always repeating itself, but it's good to take this into account.
+6 Reply
@Milamansi, agreed. Take a look at my LTC longs
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