The LTC is sitting in the key zone. The breakthrough below the zone in the past decided to sink to the bottom. With the loss of this zone a possible decrease to support around 50 USD and in the extreme case with the loss of this support a possible repetition of the bull run 2018 pattern.
Not the financial board. Just for fun.
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On Friday the 13th, this day I was expecting a correction, so it is possible that the market maker will take advantage of fear and send it up (eliminate short positions and test some support from below). Otherwise, the direction is still down.
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This plan predicted the possibility of a repeat of the 2018 pattern, we are at the point where we will soon learn the truth.
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The market maker plays cat and mouse with the traders. The reason is simple, the liquidation of positions is a big income for exchanges, it's just a matter of not being fooled too often.
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There can be many patterns going on in the range that will be subsequently invalidated. The complete pattern looks like a bear flag, if it starts to play, then the bears will focus on the area above $20.
Only a valid close above the short zone can reverse the situation.
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Watch out for the Fakeout option that I also warned about in the $100 area.
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Fakeout on LTC went higher than I expected, can it go higher? Yes, if the FOMO is strong enough, the big players will be happy to distribute at even more profit than the current +100%. Has LTC bottomed out and is now going To the Moon? No
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A bit of divination for LTC. It is true that I did not anticipate this increase, but if it is confirmed that it was a fakeout, it is difficult to estimate.
@couldntcomeupwithone, In the end, it will probably just be a strong fakeout. If you need the counterparty to provide liquidity for distribution, give them a big green candle and greed will arrange it. It's a similar story to BTC when it broke through resistance and everyone there was bullish. If LTC can test broken resistances as support I will be surprised.
couldntcomeupwithone
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@trader-123456, we'll see soon enough, it is incredibly strong and has momentum going on!
trader-123456
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@couldntcomeupwithone, Yes, you are right, but this is also a problem on the other hand. Because it goes up quickly without testing the supports, it can then go down again just as quickly. I'm not really convinced that was the bottom. This area will decide.
@couldntcomeupwithone, It may look bullish on the 1D and 1W chart, but it's not so pretty on the 1M so far.
couldntcomeupwithone
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@trader-123456, Any thoughts on some influencers like DonAlt on twitter heavily shilling this coin?
trader-123456
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@couldntcomeupwithone, This image is my take on influencers. They are often sponsored by big players to help create hype in the market, this will also be the reason why LTC made such a big increase at the moment, if it does not test the support, then there is still a big risk of fakeout . But I'm not saying that this person does it too, I don't know, I don't judge. I just looked at his prediction history and in Aug. when BTC was at 24K he saw the possibility of going to 32K (I warned about termination at this value) so he is not always right.
couldntcomeupwithone
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Plan still the same; drop to $25 area by December?