Very similar to XRP, LTC is also descending, although I'd like to see another bounce in this case building lower Highs, since we have touched the bottom only with the wicks the second time on the 4H. The hourly is more accurate in that sense.
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Nothing much to say here except to look for the internal flat corrections to be complete, and then we will continue the upward momentum.
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It is true that the price of Litecoin is currently in an uptrend on the daily chart (making higher highs and higher lows).
From there I'm looking for patterns that can help me do the right trade.
I present to you my findings.
The price made a double bottom formation then reverse and close above the 20 EMA.
the reversal is valid only if there is a close...
LTC / LITECOIN
- Top 10 coin
- Low circulation
- Already had major fireworks last bullrun
- Maybe overextended
- I would look for a break up out of resistance in falling wedge
- Respecting Fibonacci levels well
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thinking when BTC.D compresses into the bottom of the descending wedge that I drew on my Dom chart this will coincide with LTC making a run for the 200 EMA on D1, then Dom should break up to around 72% thus knocking alts back down to shit and shaking out the few that didn't pay attention that alts will return to bottom of that channel 1 last time before lift off...
Litecoin has been performing well since its 11.4% pump that hit on 7 September followed by another 17.3% pump a week later on 14 September.
But things could be getting ready to change as LTC is forming a descending triangle with its bottom sitting at 73.00 which represents the 61.8% fib retracement from the 68.33-80.22 pump we saw from 14-18 September.
I have placed my thoughts on the next possible moves here for LTC. If BTC acts accordingly - see my recent BTC update! - we should see price start to move up towards $82. If price Is rejected here again and forms a falling triangle, the price level to watch for support is marked by the gold line.
Let me know what you think about the recent...