This is just a draft of an idea ... take it with a grain of salt since it is a long shot. We might be in a bull flag formation with a low around mid February, anything between $70-$100 based on what I see now. I will keep an eye on it for a while and update / close it if necessary
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Watch out for this event coming at 11am EST - in less than 3 hours: "Weiss Announces First Bitcoin and Cryptocurrency Grades by U.S. Rating Agency" weissratings.com/
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It seems LTC will skip the C point and might be heading directly to the target area. By the way it looks like now, it is about to form an inverted cup and handle formation in a down-trend. I expect a 30%-ish rebound to around $160 levels then a continuation towards the original targets.
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Never mind the cup and handle, we are already at the higher level of our target area; since this is 2 weeks earlier than expected, we can see the down channel broken, with the RSI going into the oversold area ... meaning we will have a very strong bounce up. From what exact level, very difficult to say but if I am not mistaken, the market depth shows a lot of buy orders at $100. Good luck all
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This trade was a major hit: who entered the lows of 102, now is looking at 50% profits already. What we might have here, short term, is a 12345 EW impulse, with the levels of the previous swings. The end of the cycle might be around $160-ish, where we have major resistance.
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Just perfect ... target reached for the short term update @165
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This is how the daily looks like: As you can see, RSI is in bearish territory but didn`t reach oversold area yet; ADX still shows rising downtrend and the volume doesn`t look good either. So let`s watch for a "dead cat bounce" at this level that might just send the price all the way down to our initial targets of $70-$100
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A few days later, we might be looking at a bearish bat in a down trend formation on the 4h chart. If that`s the case, I expect a high around $180-ish levels followed by a continuation of the down trend to the target area
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Very nice rally on the 4h charts ... almost there at the 180-ish level.
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4 days later, with a very elongated formation, target reached @182. Let`s see if the rally continues some more, even though on the 4h it shows some exhaustion
I really think this is a DCB The long term chart on LTC is still in intensive care . We'll see. Thanks for the great charts/updates.
Haceru
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@london55555, my pleasure, thanks for following and nice comments
NewYork888
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Good catch re News thank you.
Haceru
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@london55555, just for the fun of it, wanna bet which coin will get pumped now? :)
NewYork888
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@Haceru, Sure no one has pumppers like XRP so that's my pick LOL
Haceru
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@london55555, nope ... how about Stellar / Lumen aka XLM :D
NewYork888
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@Haceru, Hmmmm you might have me there LOL but my second choice would be that fellow Justin Tun and his pumping of TRX ( Tron) this guy just doesn't give up - LOL
Haceru
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@london55555, LOL ... yeap, but this "first round" of ratings will only have a few "selected" coins :D not sure if TRX was "selected" yet :)))
NewYork888
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@Haceru, Doesn't matter LOL watch this kid Tun pump TRX he definitely gets Honorable Mention LOL
Haceru
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@london55555, :)))) good laugh for the morning .. thanks :)