BerlinTrader591
Long

Litecoin heading to 100, then up!

COINBASE:LTCUSD   Litecoin / U.S. Dollar
This is how I see LITECOIN

We have a clear broading trend since April with two trend lines that price has consistently bounced between.

We had that Parabolic move in December that attempted to break out of the upper trend line , but it has failed. After a quick retest of that resistance on January 5th (see red arrow), we have fallen sharply.

To me it just looks like a big air pocket, nothing below to stop price from falling all the way down to that lower trend line near the 100 level, which is also a nice psychological level. Moreover, by that time the 200 day moving average should have caught up with price.

BUt over all the trend is still bullish on the daily and weekly time frame. 200 day is moving up, trend line moving up, more volume coming in. I think we need a healthy crash to 100, then around that level start to accumulate more for the next run up. That could be some time in the Spring or early summer. If we break that lower trend line , then all bets are off until 25 or so.

A new bubble in cryptos could coincide with some concrete real world use of cryptos besides just pie in the sky dreams.

THE TRADE:
Short LTC or in cash until around 90-120. At those levels start accumulating. Get out if price falls below 90 on a strong red candle.

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@BerlinTrader591
Although it is slightly offset to the upper side - WOW it's following the path very closely!
Reply
Brilliant analysis, echoes my thoughts exactly.
+1 Reply
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