Litecoin: Attempting to Break Free From a Multi-Year-Downtrend
A few years ago Litecoin was trading at this very level and at the time the idea was that it would eventually make a higher low and give us a Bullish Bat-Action-Magnet-Move which would result in LTC confirming a harmonic W structure and revisiting the 88.6% Retrace Above to Finalize a Bearish Bat Pattern; After many months we finally set in the higher low we were looking for and began to go for the 88.6% Retrace to complete the pattern, once hit we began what would now soon be a Multi-Year-Decline.
However now we seem to be showing Signs of Seller Exhaustion in the form of Double MACD Bullish Divergence and an Oversold RSI and now it is testing the Downtrending Line to see if there's enough supply there to keep it down or if the sellers truly are too exhausted to continue this downtrend much longer. If the trendline breaks Bullishly which i do think it likely will my First target will be to take us back to the level this downtrend first bagan (the initial zone of reversal) which i labeled "The Danger Zone" back before the intital Bearish Reversal happened but if things get truly insane I think it could see as high as the 1.618 Fibonacci Extension at $700-$2200 depending on rather or not you're looking at it from a Linear Scale or Log Scale basis.
Along with that LTC since around Nevember of last year has been showing Bullish Variables against it's BTC Pairs, The Total Cryptomarket Cap, and Oher Individual Alts such as BCH and ETH. It would be alot to go into the full details of all of those variables here in this post, but i have posted these variables live as price action has progressed over the years so if you want to see the details of these variables, I'v listed them below in the Related Ideas Section.
However now we seem to be showing Signs of Seller Exhaustion in the form of Double MACD Bullish Divergence and an Oversold RSI and now it is testing the Downtrending Line to see if there's enough supply there to keep it down or if the sellers truly are too exhausted to continue this downtrend much longer. If the trendline breaks Bullishly which i do think it likely will my First target will be to take us back to the level this downtrend first bagan (the initial zone of reversal) which i labeled "The Danger Zone" back before the intital Bearish Reversal happened but if things get truly insane I think it could see as high as the 1.618 Fibonacci Extension at $700-$2200 depending on rather or not you're looking at it from a Linear Scale or Log Scale basis.
Along with that LTC since around Nevember of last year has been showing Bullish Variables against it's BTC Pairs, The Total Cryptomarket Cap, and Oher Individual Alts such as BCH and ETH. It would be alot to go into the full details of all of those variables here in this post, but i have posted these variables live as price action has progressed over the years so if you want to see the details of these variables, I'v listed them below in the Related Ideas Section.
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