Litecoin The bear trap before the bull run
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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.
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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.Ghi chú
Falling out of the rising wedge on the 2h:Ghi chú
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:Ghi chú
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.Ghi chú
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 : )Ghi chú
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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
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Nice rally, but sorry guys, not convinced of the real bull. At least not yet:Ghi chú
rising wedge:Ghi chú
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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:
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*line not highGhi chú
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
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: ) Ghi chú
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Looks like somewhat of an head and shoulders pattern:Ghi chú
Looks like a good time for another dead cat bounce:Ghi chú
dead cat likely over...Ghi chú
Head and shoulders target reached...could have another dead cat potentially before going lower:Ghi chú
That should do it : )Ghi chú
and if it does manage another leg up...there's a nice block of resistance waiting for it:Ghi chú
Assuming i'm correct and this is just another dead cat bounce, orange and red are good fine tuned targets:Ghi chú
Another head and shoulders pattern, this one on the 30m chart:Ghi chú
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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. Ghi chú
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First target hit:Ghi chú
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.Ghi chú
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Price in a triangle, if it breaks up than original forecast. If it breaks down then straight down. Ghi chú
Not enough umph. Looks like a false break out, and ready to go lower (bounce over):Đóng lệnh: đạt mục tiêu
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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