While the BTCUSDT price was close to renewing the 2022 low, the LTCUSDT price stopped its decline 20% above the June 2022 low. Looking at the trading chart of the LTC price, it can be assumed that there is now an accumulation of a long position in the range of 50-65 dollars. The result of such accumulation can be a shot of the Litecoin price to at least $96, and in the best result to $136 _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
Thanks for your opinion mate, but I have a completely different idea based on what I see. In my opinion, your parabolic line is invalid this way with only 2 points touched. You can draw many more parabolic trend lines like that. In other words, for me, your idea looks more like what you would like to happen than what is actually in the chart. Just my opinion, you can have yours of course, but this is what I see. I also think that in the current world situation, there cannot be a bull market unless the bearish outlook improves. Now the opposite is the case, and we see that in this chart of Litecoin as well.
I have created two charts in which we can see: 1. A bearish rising wedge and a symmetrical triangle, both are valid. 2. The price targets of these patterns are also key fib retracements 0.50 and 0.618. 3. There is a steep downtrend which matches with bearish outlook from the stock and crypto market.
I do not want to see one single thing matching the idea, but many. In this case, 3. That is the logic I use for myself in my own analysis.