After the breakout of the falling wedge the path is up, but how is this path? I try to figure out a path based on harmonics, fractals and resistance lines.
Again support of $66 was broken after breaking $74. The next support is $53, which in my opinion, is the bottom or else LTC will go to $23.
Can form a bullish harmonic with a target at 10.9k.
The fractal from around BTC's ATH in the BTC/LTC ratio is repeating right now, almost exactly. We are near reaching the maximum of the ratio and will drop dramatically if the fractal repeats completely. The implication is a spike in LTC's price, past September.
I usually see that when the price travel up or down a Gann fan, it pumps or dumps eventually. MACD bullish divergence resulted in a pop up.
If the rally out of the current trading range fails, most likely BTC will dump and the current range was whales selling their BTCs to plebs (distribution in Wykoff's terminology).
More confirmation of a change in trend.
RSI channel breakout as well. Targets shown.
heading up. the previous harmonic was invalidated because the midpoint dropped very low. A new harmonic can be formed but because the midpoint is low the final point is around 9k (need to zoom out to see it).
The halving spike historically has happened either roughly 30 days before or 30 days after the halving event. Many consider the recent run-up to $144 as being the halving spike. This is far from the truth, the recent run up was due to BTC's astronomical rise. Halving price spike has not been factored in yet. Where is the proof? The fractal shows an upcoming...
It fell out of a rising wedge and RSI approaching support which most likely it will break, unless it bounces off the RSI support. LTCBTC will also drop under the ichimoku cloud which is bearish and might test the support of the downward blue line. Unless it bounces at the bottom of the cloud. A drop in LTCBTC usually means a rise in BTC .
After the bart down, that went farther than my target, I expect a correction to the blue line. I imagine it will try to form a harmonic pattern which can give a clue on the path of the price action.
LTC has been breaking support after support and if it breaks this support it will drop to $50 eventually. A bounce will target the resistance line of the channel. Oscillators are bottomed out so there is a good chance it will bounce. Things look much better on the 4hrs (see idea below). So I am biased for a bounce, but not strongly. The possible price actions,...
Price action punched through major resistance trendline and ichimoku cloud, possibly forming an harmonic. However, LTCBTC has been a major disappointment with former break-out failing and reaching a newer low. Must wait and see.
A price action pattern is forming that is similar to the one in early august (blue circle). If this fractal follow through, there will be a breakout from the decending channel and the ichimoku cloud would be pierced which very bullish. The bearish scenario is that the fractal fails to develop, there is a possibility that the price fail to break the its...
Either a bounce in the purple channel or break down from the channel. Notice the long term hidden bullish divergence.
Bearish RSI divergence, Target 10.4k. Bullish midterm bias.
LTCBTC formed a new pattern. all bullish, a falling wedge and or a bull flag. Approximate targets for each formation is on the chart