Potential Litecoin Mid-Term Moves
Here's one scenario I can potentially see happen with Litecoin.
As you can see, the 1H timeframe has turned bullish for the first time since the large correction.
The last few times you can see that this has led to gains of at least 25%
Bullish move in May- roughly 65%
Bullish move in April- roughly 78%
March was fairly neutral which I feel we're in a similar situation now.
This is the first time the daily price action has been below the EMA ribbon since last year. Not a bullish sign at all. We can chop around here for a bit to allow the EMA ribbon and B Bands to squeeze together for a larger move towards Q3-Q4.
I'd also like to point out the major hurdle we now face. The weekly mid b band will now act as resistance and its a must to recapture this level ASAP. Similar to the dump we had in 2017, this pattern would show a top of around the $1500 range in August. I'd like to stretch that out to an October-ish timeframe with a price target of about $1200-1800 if we can remain bullish. BUT WE MUST RECAPTURE SUPPORT.
a repeat pattern of 2017 would look something like this
and on the monthly it would look really good. This is probably the last cycle I'll hold a significant amount of Litecoin and will look to trade key moments like halving events and ratio swings if they remain volatile in the future.
As you can see, the 1H timeframe has turned bullish for the first time since the large correction.
The last few times you can see that this has led to gains of at least 25%
Bullish move in May- roughly 65%
Bullish move in April- roughly 78%
March was fairly neutral which I feel we're in a similar situation now.
This is the first time the daily price action has been below the EMA ribbon since last year. Not a bullish sign at all. We can chop around here for a bit to allow the EMA ribbon and B Bands to squeeze together for a larger move towards Q3-Q4.
I'd also like to point out the major hurdle we now face. The weekly mid b band will now act as resistance and its a must to recapture this level ASAP. Similar to the dump we had in 2017, this pattern would show a top of around the $1500 range in August. I'd like to stretch that out to an October-ish timeframe with a price target of about $1200-1800 if we can remain bullish. BUT WE MUST RECAPTURE SUPPORT.
a repeat pattern of 2017 would look something like this
and on the monthly it would look really good. This is probably the last cycle I'll hold a significant amount of Litecoin and will look to trade key moments like halving events and ratio swings if they remain volatile in the future.
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