BitcoinGuru

Litecoin's Road Towards the Halving

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTCUSDT - Litecoin Halving Revised Chart - Top Reached at $60-64 Time for a Retrace?

Hi all, please like the chart and follow us to show us appreciation for the work and to receive further updates on Litecoin throughout the road towards the halving!

------

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 rising wedge 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 rising wedge we have pointed to. The top of the rising wedge 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 daily timeframe 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 bearish H&S 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.

Buy/Support:
$26.00-22.58
$30.50-28.50
$36-34
$44-40 - Ideal fully buy back area + strong support from 2017 + previous top holding as support +bottom of bull neckline of the ascending triangle + potential last shoulder of the IH&S in green + target of the rising wedge
50.50-48.50 - Buy 25%

Sell/Resistances:
$60-64 - Sell - Neckline of IH&S, top of rising wedge 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 Fractal
$140-150 - Sell 50% - Potential target of the August 2019 Halving Rally / Blue Fractal

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
Trade active: So far the top of the rising wedge has been reached. Currently we are watching the 3H momentum bear cross which could send us retesting the bottom band at $55-54 which also support from September 2018.

Comment: $55.2 was hit on Bitfinex before recovering. This was a close enough call to our area of $55-54. At the moment, sideways is to be expected as we wait to see if the IH&S plays out on BTC and ETH or if we go deeper into the potential falling wedge.
Comment: You guys want to see an LTCBTC chart as well? :)
Comment: Like it, share it and follow us. Need more help, register for our membership in our signature!
Comment: Litecoin seems to be done here. The momentum is rolling bearish on the 1H 2H 3H 4H 6H 12H timeframes, and it is question of time before we break down from the bottom of the rising wedge at $50.50 and head down to retest the lower support area at $44-40 which would be a good buy area as we initially forecasted.

Comment: Note: That it is also possible that the horizontal support at $50.50-48.50 may hold as it is a strong support from 2018. We will be watching that level as well.
Comment: Due to Bitcoin and Ethereum extending their sideways through the week, Litecoin's sell signal cancelled out. Litecoin managed to mirror the surge of Bitcoin in the tight rising wedge I shared in our telegram channel (means Litecoin also remained and surged higher in its own wedge a well).

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.

Comment: Bitcoin remains in sideways within its rising wedge and Litecoin is mirroring the move so far.

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.

Comment: Well pretty much kaboommm parabolic we go. Did halving come in early this year :) ? be careful folks as things go parabolic across the Crypto market. It will end up in a crash. Remember to take profit and keep some ALTS in cold storage.

Join our Crypto trading signals or trading courses:

Basic: https://t.me/bitcoingurualerts
Premium: https://www.bitcoingurutrading.com
Twitter: https://twitter.com/BitcoinGuruInfo

Where to buy/sell Crypto: https://bitcoingurutrading.com/buy-sell
I think ltc will play out as your charts suggest ONLY IF the 0.016 level isn't broken and held as support. Once 0.016 ($64) breaks with vol, ltc will follow the path of eth during spring 2017 i.e a monster bull run to 0.14 ($850). This is a defining moment ltc's history.
Reply
at least can admit your mistakes while others try to hide them.. makes for better trading...
+2 Reply
@rhb_3000, Thank you rhb for the kind words! unfortunately I see a lot of top phony, arrogant and narcissistic traders on Tradingview. A real trader or analyst will be often be wrong too and will admit he is wrong which shows experience and wiseness.
+2 Reply
rhb_3000 BitcoinGuru
@BitcoinGuru, I have been following you since 2016 and yours calls are on point easy to understand.. thanks for all that you do
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out