LTC is buy far one of my favorite coins. I am very bullish on this coin. I will Babe Ruth it right now and call LTC to $1.1k by June and $1.8k for 2018 ATH. I know, thats ballsy, I just believe in the coin that much.
Descending Wedge/ Support & Resistance LTC is following a similar pattern to BTC. We can clearly see the descending wedge. Again, this is generally a bullish formation. Especially on longer time frame analysis. We are high on the wedge at the point. Day traders may look to take profit at this level for a lower entry. Volume doesn’t appear to be strong, at this point, to break trend. Having a strong breach of trend, and then finding support on the trend, would be an ideal to confirm a bullish reversal.
Highs and Lows We *may* have seen a higher low form. Generally I DON’T count wicks in formations because they weren’t able to stabilize price action at that limit, however it IS something to be aware of. On the other hand, we have seen a lower high. This is still in line with the descending trend from its ATH in December.
Volume We have seen a *slight* increase in volume but nothing earth shaking. There was some rumors/news of a Litepay announcement that seems to have brought *some* attention but not enough for LTC to break trend. We do seem to be condensing in volume, but again, nothing to break the descending trend
.236 Fib If we establish the bottom of the fib at the low from last year, and drag it to the high of last year, you can see the $100, *which has proved to be a strong support/resistance*, is also the .236 fib line. This is a key area I am looking to for support. If we breach the this support area, I will be looking for bullish wicks pushing us back above this line.
Fundamentals The fundamentals of this coin have not weakened. To me, they have only gotten stronger. I thought this coin at $400 was undervalued and believe even more so now. With a potential Litepay announcement coming, a low coin supply, and lightning network, I expect this coin to continue to be a top performer of 2018
LADDER BUYS You can see my staggered ladder buys. I will look to buy larger percentages in the middle rungs of this ladder.
Descending Wedge/ Support & Resistance LTC is following a similar pattern to BTC. We can clearly see the descending wedge. Again, this is generally a bullish formation. Especially on longer time frame analysis. We are high on the wedge at the point. Day traders may look to take profit at this level for a lower entry. Volume doesn’t appear to be strong, at this point, to break trend. Having a strong breach of trend, and then finding support on the trend, would be an ideal to confirm a bullish reversal.
Highs and Lows We *may* have seen a higher low form. Generally I DON’T count wicks in formations because they weren’t able to stabilize price action at that limit, however it IS something to be aware of. On the other hand, we have seen a lower high. This is still in line with the descending trend from its ATH in December.
Volume We have seen a *slight* increase in volume but nothing earth shaking. There was some rumors/news of a Litepay announcement that seems to have brought *some* attention but not enough for LTC to break trend. We do seem to be condensing in volume, but again, nothing to break the descending trend
.236 Fib If we establish the bottom of the fib at the low from last year, and drag it to the high of last year, you can see the $100, *which has proved to be a strong support/resistance*, is also the .236 fib line. This is a key area I am looking to for support. If we breach the this support area, I will be looking for bullish wicks pushing us back above this line.
Fundamentals The fundamentals of this coin have not weakened. To me, they have only gotten stronger. I thought this coin at $400 was undervalued and believe even more so now. With a potential Litepay announcement coming, a low coin supply, and lightning network, I expect this coin to continue to be a top performer of 2018
LADDER BUYS You can see my staggered ladder buys. I will look to buy larger percentages in the middle rungs of this ladder.