ltc-joe

ltc-joe Updated 

Support found finally? This may break upwards and drag btc along.

ltc-joe Updated 

Small long here, 6h candle closed nicely with a huge wick. Larger timeframes don't look great but bitcoin likes to surprise us to close out the week. For now I'm still bullish till I see the $390-$400 range taken out on the 1-day or higher. Going to assume we are simply getting the second scenario on my previous chart until that happens.

ltc-joe

forming on the 1 hr...gotta get above the black trendline/neckline for confirmation, if not and we fall below my stop it's prob bad news bears.

ltc-joe Updated 

So, in my view the two most likely scenarios are shown above. We are at strong resistance here, but we tested the top trend line recently, were shut down, and got some more fuel so we may just break through this time. Or it's possible that we fail to break though again, and then it becomes likely that we will go back down to support in this massive pennant/wedge....

ltc-joe Updated 

Sold at 435 for fun. Still extremely bullish overall. Would have to break the bottom red trend line, and further, eventually 50 week sma for me to change my mind, but I doubt that will happen.

ltc-joe

We broke above and now we are making it support...let see if it holds...until it breaks the bullish picture is very much alive.

ltc-joe Updated 

So, tons of action to close out the daily and weekly candle. Exciting stuff. Nice dump but we recovered to get back above the red trend line and keep the pennant alive. Although, that daily candle still looks quite bearish, so one would be a fool to think we are out of the woods. In conclusion, going long here seems like a great risk reward play, worst case if the...

ltc-joe

Hidden bull div? Zooming out, watching closely to see how this monthly candle ends, and how the next one starts, next one should be a big one, the question is which why, my bias recently changed to bullish. Stay tuned.

ltc-joe Updated 

Small short... ...could also see this wicking down to $350 or so for a double bottom eventually while closing above the red trend line, but I think it should hesitate or bounce around $365. Lets see how this works out first.

ltc-joe

So, I really no nothing about elliot waves to be honest, but just looking at the monthly chart this popped out at me as the standard 3 waves up 2 waves down then A-B-C pattern...for those who actually know what they are talking about I would love your input. Am i onto something or is this totally off? Would this mean we are in for the next cycle to begin with wave...

ltc-joe

Still waiting to see how this pennant breaks, currently the price is consolidating between the 50 and 100 day moving averages, 50 day holding as support at the moment. If we break out to the upside then a measured move would take us up to around the $680 fib level (50% retrace from all time highs to the flash crash in Jan'15). This may be prove to be a nice...

ltc-joe Updated 

Possible scenario (repeat of earlier price action)

ltc-joe

Moment of truth

ltc-joe Updated 

Short term trend seems to be down, although I am still bullish overall. I like this area for a small short but I am ready to take a loss on the trade if we make a higher high. To me, on higher time frames we either eventually visit 380, maybe 350-360 range or we are already done with this short move down and are ready to go parabolic again. Nonetheless, I like...

ltc-joe Updated 

Looks like a good place to short with a tight stop at the top of the triangle...if we break out of it then the trade is invalidated. Bullish overall but think there could be some more consolidation.

ltc-joe

Looks like a clear inverse head and shoulders...breaking above the green trend line should get us a ticket to the blue triangle ...then we either continue the dead cat bounce down or break out with an actual trend reversal. If we can stick around here or rally to close out the week then the 1 week chart will have its first bullish candle in a while. If i'm wrong...

ltc-joe

This is just a variation with out the doomsday scenario. This one may be more likely.

ltc-joe

It should be interesting to see what happens with LTC/BTC in the coming weeks, something similar to what occurred in the white rectangle could be developing...LTC/BTC throughout it's lifespan has had these huge corrections (sometimes full retraces) which are then followed by sharp bubbles up. I could also very likely see this dump ending at around .00585 support...