LTC/USD: Decisions are approaching - Waiting on King BTC's move
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LTC obviously took the lead over "The big 3", since then BTC has moved 60% without making much effect on LTC's price, it has been sitting sideways for the past few days to 1 either give it's next leg up to target the 10 month old trend line which will meet with resistance around $300.
Scenario 1: It'll breakout upwards IF BTC can break out of $11.5-11.7k out of it's major Log downtrend line.
BTC has a scenario that if it fails it this breakout it can retrace back to 8k around the dates of March 8-10. Ironically LTC has a very possible scenario to form a bull flag instead of a pennant if it fails the breakout bringing it back to re-test the break out.
Also this scenario is supported by the rising wedge formation. Base formation price of the rising wedge = retrace of the rising wedge breakdown which = exactly to the price of the breakout for a retest.
Scenario 2: BTC breaks out of it's major log downtrend line around 11.5-11.7 I do see BTC targeting these levels as it also formed a rising wedge broke down and retraced the price of the base of the wedge. It then formed a falling wedge (bullish) and broke out upwards which it "should" make it re-target the previous top from the risiing wedge breakdown = ~11,600 which again, ironically makes it meet with it's log downtrend resistance. IF it breaks that will most likely make LTC breakout upwards as well from $216 Resistance.
This will be one exciting weekend to follow. Practice risk management and trade what you see not what you feel.
Remember bullish patterns inside bearish patterns don't win.
IF the do fail a breakout, charting the RSI on both LTC and BTC do show that March 8-10 can be zone of reloading.
Don't trade off this chart. It's only possible scenarios.
Here is my previous LTC analyses that I was updating on the daily.
Nothing has changed besides new trendline updates.
Scenario 1: It'll breakout upwards IF BTC can break out of $11.5-11.7k out of it's major Log downtrend line.
BTC has a scenario that if it fails it this breakout it can retrace back to 8k around the dates of March 8-10. Ironically LTC has a very possible scenario to form a bull flag instead of a pennant if it fails the breakout bringing it back to re-test the break out.
Also this scenario is supported by the rising wedge formation. Base formation price of the rising wedge = retrace of the rising wedge breakdown which = exactly to the price of the breakout for a retest.
Scenario 2: BTC breaks out of it's major log downtrend line around 11.5-11.7 I do see BTC targeting these levels as it also formed a rising wedge broke down and retraced the price of the base of the wedge. It then formed a falling wedge (bullish) and broke out upwards which it "should" make it re-target the previous top from the risiing wedge breakdown = ~11,600 which again, ironically makes it meet with it's log downtrend resistance. IF it breaks that will most likely make LTC breakout upwards as well from $216 Resistance.
This will be one exciting weekend to follow. Practice risk management and trade what you see not what you feel.
Remember bullish patterns inside bearish patterns don't win.
IF the do fail a breakout, charting the RSI on both LTC and BTC do show that March 8-10 can be zone of reloading.
Don't trade off this chart. It's only possible scenarios.
Here is my previous LTC analyses that I was updating on the daily.
Nothing has changed besides new trendline updates.
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8 Hour close up view. Nota
Can it be the last time to buy cheap LTC? Or can it be the last time to sell before a leg down? Nota
Tonight will definitely be a sleepless night. Nota
2 Hour update. 3.3.18Decisions are getting closer as BTC meets with it's first resistance at 11485 (currently 11432 as I update this) I'll add to my Longs after a break & Retest
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5 min time frame movements. 3.3.18Nota
LTC update. If it breaks down off the triangle = red candles.
It'll depend on BTC if it breaks down from it's rising wedge.
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LTC facing resistance on both the triangle line from it's breakdown and 2 hour SMA200. Nota
Congrats to those who followed my post on BTC's $11600 target and LTC's breakdown scalps. BTC outlook. Called the Rising wedge earlier.
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Going just as I expected. Nota
We will know if it's ready for more downfall in the next few minutes Nota
Yep...Nota
Update. I've been feeling this retrace to $162-158 since the $244 area. Let's see if it gets there in the next 3 days. Nota
Smaller time frame close up action. Nota
Congrats to those who have been following this post to $158-162 targets. It couldn't have got more perfect. I've been calling this crash since Feb. 15 on my original BTC post. I stated a major retrace will happen between March 6 - March 10.
Price bounced off $168 and currently at 10%+ profits :)
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It's getting tight on the breakout to the upside. Lets see how the market reacts to this area in the next couple hours. Nota
RSI break-out continuation. Nota
Yep. Bearish scenario won. If you guys saw my BTC update on the rising wedge on the edge of breaking down. BTC moves the market. Nota
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