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Update 2: The top has been hit at $60-64 which was a good sell area as advised yesterday. At this moment, it looks toppy near the top of the and IH&S neckline and might be the time for a retrace down as I pointed to yesterday in the alert mainly to two area of supports that we identified below which would be a good buy area.
Update 1: Since our last update, Litecoin kept rising within the we have pointed to. The top of the can be reached at $60-64 by March 12 which was initially one of our targets from few weeks ago during the initial bull run. $60-64 is also the top resistance/neckline of the large green IH&S seen on the which is pending the formation of its last shoulder where we would ideally rebuy back. The target of the IH&S is roughly at $94-104 which can be potentially the target of the halving rally by July-August 2019.
Looking back at why our original Litecoin chart initially failed, it was mainly due to the strong support from 2017 at $44-40. It was not hard to spot but mostly my mistake for not being able to focus and not expecting Litecoin to still rally that early.
$44-40 - Ideal fully buy back area + strong support from 2017 + previous top holding as support +bottom of bull neckline of the + potential last shoulder of the IH&S in green + target of the
50.50-48.50 - Buy 25%
$60-64 - Sell - Neckline of IH&S, top of and top based on Fib Extensions - HIT
$94-104 - Sell 50% - - Target of the IH&S - Potential target of the August 2019 Halving Rally / Blue
$140-150 - Sell 50% - Potential target of the August 2019 Halving Rally / Blue
Stoploss: $38, this is a stoploss for those who bought Litecoin below $36 and holding to sell on the parabolic rally close to June-July
Litecoin has pretty much extended as high as it can in its rising wedge and top resistance of $60-64 and is overbought on the 1D Timeframe. While, we are still in a Bear Market until proven otherwise, I will still side with the bears on breaking down that rising wedge to the downside with the revised target being now the support at $50-48 for those who sold their trading stash and looking to buy back.
Now all eyes on Bitcoin on this weekly close to see if it manages to push again up in the narrow wedge for another week which Litecoin would follow a bit higher to hit $64-67 resistance OR if it drops below the neckline of the rising wedge (signaling a bear reversal) hitting $54-52 support to complete the head of a bearish H&S (seen in red). The target of that potential bearish H&S would roughly be at our optimal buy area at $45-43.70 which near the bottom bull neckline of the ascending triangle.
We might see a break out past $140-145 based on the 12H bands squeezing tight and ready for the big move. We will need to confirm the move past $145+ which is the top of the small ascending triangle were in at the moment. I am still holding my LTC stash for the $180-215 target.
Note: We will be watching Bitcoin and Ethereum closely for a rejection as they near their psychological resistances at $10,000 and $300 respectively. That rejection may affect Litecoin's break out. Also note But either way, our average on Litecoin is low so it will not affect us so we will keep holding.