Smoak
Short

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?
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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.
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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.
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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.
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Smoak retiringsoon1
@retiringsoon1, It could be and I won't rule it out.
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What does Cinco De Mayo mean?
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Smoak Ozcan07
@Ozcan07, May the 5th. It is a Mexican holiday. I'm not mexican but we always celebrate it with corona :)
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Ozcan07 Smoak
@Smoak, :)
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