LTC - medium term
Actualizado
This is just a draft of an idea ... take it with a grain of salt since it is a long shot. We might be in a bull flag formation with a low around mid February, anything between $70-$100 based on what I see now. I will keep an eye on it for a while and update / close it if necessary
Nota
Watch out for this event coming at 11am EST - in less than 3 hours:"Weiss Announces First Bitcoin and Cryptocurrency Grades by U.S. Rating Agency"
weissratings.com/
Nota
It seems LTC will skip the C point and might be heading directly to the target area. By the way it looks like now, it is about to form an inverted cup and handle formation in a down-trend. I expect a 30%-ish rebound to around $160 levels then a continuation towards the original targets.Nota
Never mind the cup and handle, we are already at the higher level of our target area; since this is 2 weeks earlier than expected, we can see the down channel broken, with the RSI going into the oversold area ... meaning we will have a very strong bounce up. From what exact level, very difficult to say but if I am not mistaken, the market depth shows a lot of buy orders at $100. Good luck allNota
This trade was a major hit: who entered the lows of 102, now is looking at 50% profits already. What we might have here, short term, is a 12345 EW impulse, with the levels of the previous swings. The end of the cycle might be around $160-ish, where we have major resistance.Nota
Just perfect ... target reached for the short term update @165Nota
This is how the daily looks like:As you can see, RSI is in bearish territory but didn`t reach oversold area yet; ADX still shows rising downtrend and the volume doesn`t look good either. So let`s watch for a "dead cat bounce" at this level that might just send the price all the way down to our initial targets of $70-$100
Nota
A few days later, we might be looking at a bearish bat in a down trend formation on the 4h chart. If that`s the case, I expect a high around $180-ish levels followed by a continuation of the down trend to the target areaNota
Very nice rally on the 4h charts ... almost there at the 180-ish level.Nota
4 days later, with a very elongated formation, target reached @182. Let`s see if the rally continues some more, even though on the 4h it shows some exhaustionNota
And the picture:
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