This is my first idea. LTC broke out of its downtrend on 12-31 and moved upward in a rising wedge to form a rounded bottom reversal.
LTC then fell out of the rising wedge trading down to a low of 244.5 and in the process of doing so has formed bullish falling wedge.
LTC is now looking to break out of the falling wedge with a rise above 253 and and then head back to 259.5 which would complete a bullish cup and handle pattern.
The cup and handle reversal signals a bullish breakout with a price target of 313.
This target is set by measuring the depth of the cup from the neckline of 259.5 to its bottom of 206, which is a drop of 53.5.
On a breakout we should then expect a rise of 53.5 from the 259.5 neckline to 313 and then possibly higher.
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Still inside the falling wedge at at 243. Breaking 242.75 in the next 30 minutes would invalidate the wedge.
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We could continue to slide down to 238ish inside the falling wedge.
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Broke 242.75 too soon and looks like we have dismal support from the bears. This could head anywhere from here.
The purple moving average may provide support or we might touch the gray .25 fib level near 238.
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The MACD and OBV look horrible, and the RSI is severely oversold.
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Unfortunately it does look like the handle is going to form. 16796.00383516 LTC were sold in the last 40 minutes vs only 10196.13522157 bought and that trend is continuing. Looks like the sell off is actually picking up steam at this point. Just a question of when the bulls will step into support. They failed to kick off the bottom line of the falling wedge and instead let the price slide below the moving average. We still might find support here or it might continue to slide to 238. In any case will need to look for a new pattern to form.
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Possible breakout... LTC on move vs BTC as LTC tests the upper line of the falling wedge.
Transaction en cours
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LTC just broke out of a falling wedge against the dollar.
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Looking for a corresponding move against BTC.
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The breakout was immediately whacked. Looking for a move into the high 80s low 90s to take a profit.
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Here's the jump against bitcoin.
Volume has pulled back after the initial dump. Looking for indicators to go positive and for the price to start moving upward again.
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The price against BTC actually starting to slide even though bitcoin is dropping against the dollar.
This could indicate little to no further price action for the time being. Considering taking a smaller profit here in the upper 280s but will see where the price heads.
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Little more price action vs Bitcoin but that's because BTC is falling against the dollar. Let's see if that pushes up LTCs price vs the dollar.
Trade fermée manuellement
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Little price slide against the dollar. Going to take profits here in BTC and take advantage of the jump from .0165 to .017 against BTC and revisit this trade later.
Transaction en cours
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Back in, same price as even though the price isn't moving volume is picking up. Theory suggests that if there is an increase of volume and no corresponding price move then the price should pick up.
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Just caught that dip back down 17.
Let's see where this price goes from here.
Trade fermée manuellement
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Closed trade at .01705 btc as consolidation or a temporary price drop is likely.
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As predicted the price has dropped. Could be a good buying opportunity here, in USD terms. Best to wait for a pattern to emerge or indicators to signal a buy though.
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New analysis - LTC long $580-695 target - Nearly guaranteed parabolic breakout pattern.
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Mark this idea a a success - entry between 230 and 240 and a rise to 304. We did come a little short of the price target because we hadn't yet formed our new Parabolic Symmetrical triangle which signals a price target between $580 and $695 depending on the exchange -