LTC/BTC ~ 4-years channel for BITFINEX:LTCBTC by just5

LTC/BTC ~ 4-years channel

Plan > retest 4-years channel (0,0032-0,0030 = ~ Fib 0,382) and moon
Target > ~ 0,010 - 0,013
Time > ~ 5-8 months (april-july 2023)

P.S. I know in the previous forecast I overestimated the bulls, it's because I thought we still have time before the start of the bear market.
But look how perfectly the channel worked.
I think that we will still test it, as a correction, before the moon.
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The first reason is that Bitcoin has not bottomed out. (13,000$ - 10,000$, perfect - 12,000$)
The second is that Litecoin has not bottomed in the USD pair (experience tells me that it is somewhere between $40-25, but if you see $30, don't wait for $25) or has not tested the intermediate bottom ($40).
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I don't think the bear will last long, it may take a few days or hours to resolve.
Maybe I'm wrong, and from here we will leave $ 100 or even more, you always need to have a back-up plan.
Keep abreast of the market

Trade active

Time to go

Trade active

Note

So
I don't know if we will test the downstream channel we left. Perhaps this will happen much later, for example in the next 2 years.
Now we are seeing some consolidation ahead of the momentum.

Note

So..
we're almost here
maybe I drew the channel line a little not exactly. Let me explain, the channel is drawn along the body of the candle, or along its wick.
I've added an updated picture, testing zone for the coming weeks, around 0.00313.
Fibo zones in different variations indicate the level of 0.00318 and even 0.003.
At the same time, we tested the 0.5 fibo level, the total increase since May 2022.
Based on the above, I can assume several scenarios for the development of events:

-We will test the channel level, 0.00313-0.003
-We have already tested everything, and from here we will go upstairs. An error of 5% is not fatal.

Regarding the price in dollars, maybe bitcoin will start faster than litecoin, and we will test the channel, but without the ltc\ usd drawdown.

And one more thing I have to say, maybe there will be no corrections before the halving at all, take this into account

Note

An error of 5% is not fatal. But... we have reached 0.00313.
The rest of the dive is not so important for us, it will be visual and technical in order to build a model for takeoff.

Note

soon

Note

so
the first part ended, we did it.
i'm expecting a reversal up, maybe next week we'll see ~0.003 as one of the pivots, i'm not sure what it will be, but it's possible.

part two.
As for the points for the bull, what I wrote above (0.010-0.013) is an optimistic scenario, more accurately close to reality.
But we had less time left than I drew when I created this idea, so I had doubts that we would test the channel right now, and not later.
The pessimistic scenario for this is 0.005-0.007. But this is extremely pessimistic for such a long bear market.

Note

Order cancelled

not this year

Trade closed manually

since there are no support levels below other than the downward channel, there are several scenarios, and all of them are bad.
-we will go down from top to bottom along the channel beam
-we will go inside the channel and fly down even faster.
Bounces and rebounds are possible, but I wouldn’t put much hope on them, and if you are interested in this trading pair, you need to find the bottom, and most likely it will be lower than ever.

just5

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by just5

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