LTC IN DEPTH 5/13/19: A Tiptoeing Bull
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Hello traders,
TraderNoxtreme back with you weekly Litecoin in depth. Please like this idea if you agree. Subscribe if you want more and comment if you have something to say.
LTC Weekly 5/13/19: Will History Hold.
I am still keeping a close eye on this historical correlation. Although we did end up with a BIG green candle to finish the week, we were sitting slightly red on the week right before so we might be a day or two ahead of schedule. This being said our next move will be a pretty harsh downward move if we continue following this historical trend. Current weekly RSI is now 64 and it was 63 in 2017. We have also lifted off our moving averages quite a bit so I’m thinking we will see some consolidation soon but maybe not till late this week or next. I’m kind of speculating here though because the only thing I see in the chart that would indicate this is the fact that we lifted well off our moving averages. We formed a lower high on the most recent run at 96 so our correlation is still valid but if we continue up and break 100, our historical correlation will be invalidated because we will then have established a new pattern at that point. I would likely still keep and eye on it but it would no longer match HH , HL, LH, HL, Breakout.
LTC 1D 5/13/19: 100 within reach.
Our most recent rally took us all the way back to 100s door step. It is worth noting that the rally was mainly BTCs rally. Alts just got invited to the party. This is important because we had finally started seeing some alts make moves without BTCs permission. Not this time. Bulls should be watching the BTC pairs for their coins though because they are likely at a low. What I expect to happen is BTC to take a break around 8500, everything will consolidate, but LTC/BTC should increase. Getting a bit ahead of myself here.
In any case, RSI is sitting pretty at 67 right on top of what seems to be our bullish support line. A break of this could mean WEEKLY higher low so be ready to take profit if you don’t want to hold through that. MacD shows bulls held and are now gaining momentum. Once we broke our previous descending support I added a new one which we promptly broke as well. Bulls are clearly wanting to push LTC higher. We just had the 13,26,50 moving averages squeeze together as we started this bull run. Same thing happened on BCH but the 200 was also there.
A thought: Halving in August; If I was a miner, I would stop selling the coins I mined leading up to this as there will likely be at least SOME hype rally. I would dump my coins on the rally.
LTC 4hr 5/13/19: We are lagging a bit.
Believe it or not LTC is lagging a bit on its run. BCH, ETH, BTC, and others are all having more bullish runs during the last few days. Either we are still filling up the rocket fuel on LTC or our last rally was a little over the top and now we need to let the others catch up a little. There have been several times I have considered taking profit on LTC but so far, I have not. I believe that our break of 100 is not going to be something you want to miss so I have just been slowly adding on dips. It is interesting to see that our old channel is still proving some relevance even though it has broken a few times now. Seems like there are algos using those lines as signals for buying and selling.
Moving averages are all nice and close RSI is 63. MacD shows that this rally was almost cut short as I was saying above. There just has not been as much power behind the LTC bulls on this last move as there is on other coins. This being said, we have tons of support nearby. We have all the moving averages at 86,83,78,75 roughly. We have historical support at 86.73, 83.81, 81.54, 78.29 and on. We have the top of our channel and probably more. Point being, I really can’t see this falling back down more then 15% if it falls hard because of some bad news catalyst or something. I would be very surprised if we broke 75 in the next week but I could see a daily lower high around 80 if we don’t break through 100 soon/first.
LTC 1hr 5/13/19: Tightening range before???
It all leads down to this! We have a tightening range on the hourly. HH = 96.10 HL = 83.09 LH = 94.37 HL = 83.35 and so on. Currently a bull break would occur if we break 93.46 and a bear break would be 84.46. I expect us to continue to tighten as it seems that BTC has stopped running for now. I expect we will break 100 if we bull break this pattern with some conviction. RSI is at 60 and bulls have control looking at the MacD. I’m leaning bullish if you can already tell but I will likely sell and reload lower if we break this pattern bearish.
Closing Note:
LTC HAD a lot of bullish hype going. Its quieting down and those that push LTC seem to have a quiet unshakable confidence. To be honest, I kind of feel it too. LTC is smaller but a heavy hitter. BTC standing beside it ready to jump in and knock anyone out that LTC can’t handle. Lol. It’s not the underdog, more or a scrappy anime sidekick.
If you enjoy reading these please like. If you want more of these in-depth analyses, please subscribe.
If you want to team up to crush this market, comment below.
TraderNoxtreme back with you weekly Litecoin in depth. Please like this idea if you agree. Subscribe if you want more and comment if you have something to say.
LTC Weekly 5/13/19: Will History Hold.
I am still keeping a close eye on this historical correlation. Although we did end up with a BIG green candle to finish the week, we were sitting slightly red on the week right before so we might be a day or two ahead of schedule. This being said our next move will be a pretty harsh downward move if we continue following this historical trend. Current weekly RSI is now 64 and it was 63 in 2017. We have also lifted off our moving averages quite a bit so I’m thinking we will see some consolidation soon but maybe not till late this week or next. I’m kind of speculating here though because the only thing I see in the chart that would indicate this is the fact that we lifted well off our moving averages. We formed a lower high on the most recent run at 96 so our correlation is still valid but if we continue up and break 100, our historical correlation will be invalidated because we will then have established a new pattern at that point. I would likely still keep and eye on it but it would no longer match HH , HL, LH, HL, Breakout.
LTC 1D 5/13/19: 100 within reach.
Our most recent rally took us all the way back to 100s door step. It is worth noting that the rally was mainly BTCs rally. Alts just got invited to the party. This is important because we had finally started seeing some alts make moves without BTCs permission. Not this time. Bulls should be watching the BTC pairs for their coins though because they are likely at a low. What I expect to happen is BTC to take a break around 8500, everything will consolidate, but LTC/BTC should increase. Getting a bit ahead of myself here.
In any case, RSI is sitting pretty at 67 right on top of what seems to be our bullish support line. A break of this could mean WEEKLY higher low so be ready to take profit if you don’t want to hold through that. MacD shows bulls held and are now gaining momentum. Once we broke our previous descending support I added a new one which we promptly broke as well. Bulls are clearly wanting to push LTC higher. We just had the 13,26,50 moving averages squeeze together as we started this bull run. Same thing happened on BCH but the 200 was also there.
A thought: Halving in August; If I was a miner, I would stop selling the coins I mined leading up to this as there will likely be at least SOME hype rally. I would dump my coins on the rally.
LTC 4hr 5/13/19: We are lagging a bit.
Believe it or not LTC is lagging a bit on its run. BCH, ETH, BTC, and others are all having more bullish runs during the last few days. Either we are still filling up the rocket fuel on LTC or our last rally was a little over the top and now we need to let the others catch up a little. There have been several times I have considered taking profit on LTC but so far, I have not. I believe that our break of 100 is not going to be something you want to miss so I have just been slowly adding on dips. It is interesting to see that our old channel is still proving some relevance even though it has broken a few times now. Seems like there are algos using those lines as signals for buying and selling.
Moving averages are all nice and close RSI is 63. MacD shows that this rally was almost cut short as I was saying above. There just has not been as much power behind the LTC bulls on this last move as there is on other coins. This being said, we have tons of support nearby. We have all the moving averages at 86,83,78,75 roughly. We have historical support at 86.73, 83.81, 81.54, 78.29 and on. We have the top of our channel and probably more. Point being, I really can’t see this falling back down more then 15% if it falls hard because of some bad news catalyst or something. I would be very surprised if we broke 75 in the next week but I could see a daily lower high around 80 if we don’t break through 100 soon/first.
LTC 1hr 5/13/19: Tightening range before???
It all leads down to this! We have a tightening range on the hourly. HH = 96.10 HL = 83.09 LH = 94.37 HL = 83.35 and so on. Currently a bull break would occur if we break 93.46 and a bear break would be 84.46. I expect us to continue to tighten as it seems that BTC has stopped running for now. I expect we will break 100 if we bull break this pattern with some conviction. RSI is at 60 and bulls have control looking at the MacD. I’m leaning bullish if you can already tell but I will likely sell and reload lower if we break this pattern bearish.
Closing Note:
LTC HAD a lot of bullish hype going. Its quieting down and those that push LTC seem to have a quiet unshakable confidence. To be honest, I kind of feel it too. LTC is smaller but a heavy hitter. BTC standing beside it ready to jump in and knock anyone out that LTC can’t handle. Lol. It’s not the underdog, more or a scrappy anime sidekick.
If you enjoy reading these please like. If you want more of these in-depth analyses, please subscribe.
If you want to team up to crush this market, comment below.
Note
Bull break but rejected at 96. We are well positioned to keep going but it seems like LTC is still wanting BTC to go with.
Looking for VOLUME to stay at the same level or increase also RSI to not reject from our bullish breakout line.
Note
I posted this in our group chat saying that I was going to start taking profitWish I had sold more at the highs but profit is profit.
Hope you all got some too :)
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