I believe that the LTC/BTC 4-hour chart kinda speaks for itself. LTC has been in the same huge bull flag since the end of December. It has been winding up for quite sometime now. I have been trading a lot of other Alt's for months, but I believe LTC is pretty close to having its day in the sun. BTC may have just entered a larger bullish impulse wave over the past couple of days and it is occurring right around the time LTC is reaching the end of its wedge. If the stars continue to align I think that LTC is a going to be a great vehicle to ride.
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For those interested in more of day/swing TA on BTC you can follow my BTC chart here:
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On a tighter time frame you can see what happened the last time LTC/BTC broke a wedge coming off of the bottom of the longer term trend floor. There is a good chance will we see another break of at least equal proportion should everything come together. It has already tried to break the wedge a couple times in the last 24 hours. One of them is bound to make it through eventually.
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Keep an eye on the RSI wedge that has been holding on the 4-hour chart.
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LTC/BTC broke down through the 4-hour wedge. RSI from the 1-min through the 2-hour fell sub 30 and is now having a little bit of a rebound to breathe. When sitting barely above a primary resistance, LTC can pose a great opportunity or a huge risk. I very much believe that LTC is going to be one of the best opportunities to present itself in the near future. Whether that is in 30 min or 30 days remains to be seen.
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Simply because I see it as relevant, here is a quick chart of the very precarious situation BTC is in. There is a bullish scenario where BTC can continue to climb to finish a 5th impulse up. There is also a good chance that after this series of corrective waves it breaks down through our current support and makes a downward push. This is a No Trade Zone for me. I am going to wait for solid confirmation either way before getting involved. Anytime it sounds like a potential good idea to go long and it also might be a good idea to jump in on a margin trade, it simply means stay out until one of them sounds like a really bad idea.
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Once again, due to the role BTC plays in the over-all scheme of things, I believe that we recently closed an extended wave 3 (2.618 ext of wave 1) and we have a 4th and 5th yet to go.
