Litecoin The bear trap before the bull run
Diupdate
Nothing new under the sun in crypto. LTC/USD still looks great, but it has been lagging BTC/USD as I pointed out in some of my short term charts. Today there was an opportunity for the ratio and USD pair to reverse and break out...yet they did not...instead they broke down. LTC/BTC with a full retrace and LTC/USD broke a key trendline. LTC/USD could use a healthy drop to about $37-$40 to create some nice hidden bullish divergence on the weekly chart, and set up the market for a HUGE parabolic run. Considering this, and considering how unstoppable bitcoin looks, we could see a real nice bear trap in the ratio here. Always darkest before the dawn in ltc...things can get wild. Good luck.
Catatan
Also, right now the ratio of ltc/btc has turned to a negative correlation with btc/usd. If this keeps up, thats not sustainable, a healthy bull run will look like both ltc/usd and btc/usd rallying with ltc/usd outperforming.Catatan
Falling out of the rising wedge on the 2h:Catatan
Nice drop from the rising wedge to new low. Now the price has a good chance to reverse, but it likely will be short-lived:Catatan
China rumors definitely good for litecoin. Nice bounce, definitely going up for now. Still expecting the chart to play out, but the news does make me reconsider, lets see how sustainable the bounce is.Catatan
Looking real good thus far. But as I said in one of the comments we would need to clear the $55-$60 range to really reconsider this idea. So not going to get excited just yet : )Catatan
Catatan
Potential tweezer bottom on the daily chart. But
-Price needs to break above the high of the previous candle
-If it manages to do that, this can still be a dead cat before going lower
Could this be the real bottom? Of course its possible, still no reason to believe that to be the case *yet
Catatan
Nice rally, but sorry guys, not convinced of the real bull. At least not yet:Catatan
rising wedge:Catatan
Catatan
Unless bitcoin gets going again, both btc and ltc are in for a nice drop.Looks like this was the bounce represented by the arrow up on my initial chart:
Catatan
Catatan
*line not highCatatan
Looks like a potential head and shoulders pattern on the 1h chart (assuming steam runs out here):if not could have one last leg up
Catatan
: ) Catatan
Catatan
Looks like somewhat of an head and shoulders pattern:Catatan
Looks like a good time for another dead cat bounce:Catatan
dead cat likely over...Catatan
Head and shoulders target reached...could have another dead cat potentially before going lower:Catatan
That should do it : )Catatan
and if it does manage another leg up...there's a nice block of resistance waiting for it:Catatan
Assuming i'm correct and this is just another dead cat bounce, orange and red are good fine tuned targets:Catatan
Another head and shoulders pattern, this one on the 30m chart:Catatan
Catatan
Removed the arrows of the original chart for cleanliness (sorry guys, should do this more often!)...spotted this channel to keep an eye on. Overall view still the same, downtrend still in tact, i'm sure there will be at least one more dead cat before we reach our targets though. Catatan
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First target hit:Catatan
Since this is so oversold, it could have a nice bounce here if btc cools down. But I think we are likely eventually going to target 2.Catatan
Catatan
Price in a triangle, if it breaks up than original forecast. If it breaks down then straight down. Catatan
Not enough umph. Looks like a false break out, and ready to go lower (bounce over):Trading ditutup: target tercapai
Hmmm this looks similar to XMR yesterday, that might be all the down we get for ltc. More confirmation when ltc breaks $60. Could get a huge pop here, thats it for this chart thanks for following:
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