Litecoin Up First Then Back Down

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
I see litecoin stuck in this falling wedge . I'm pretty confident that we will make the move to $162. When we hit $162, expect sideways movement and maybe we'll see a move to $168.

I won't say we can't break out of this wedge right now; however, I don't expect it just yet. I expect the opposite will occur and we will see a very steep fall down to 89 where we have a decent chance of breaking the wedge . This move may not happen until Cinco De Mayo.

I think the final stop could be in the $55.00 range with a "panic" wick that may even fall out of the wedge and hit $53.00.
Comment: Litecoin broke through some major resistance and looks to be breaking out.
Do you post things on Twitter? What is your twitter name?
You have been spot on the last several weeks, so I am hanging in there with a loose stop on LTC. We know predicting the market is like predicting the weather, but you have been doing well. Thanks for the help from us new guys.
Smoak bmorton
@bmorton, Thanks for the kind words! I have a twitter account but never post anything on it. Nothing like a pullback to make you question yourself but I'm sticking with the call.
It is not a falling wedge but a descending triangle when you put the double bottom in. I think a double bottom is too important of event to not to consider.
Smoak retiringsoon1
@retiringsoon1, It could be and I won't rule it out.
What does Cinco De Mayo mean?
Smoak Ozcan07
@Ozcan07, May the 5th. It is a Mexican holiday. I'm not mexican but we always celebrate it with corona :)
Ozcan07 Smoak
@Smoak, :)
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