LTCBTC - close to the end of an descending wedge
Updated
- Litecoin is at the all time low of the last two years.
- Has been in a downward wedge for the last year.
- under all moving averages on the daily.
- Make no mistake It is weak.
- Currently at a double bottom at 0.004041 and A wave
- Could go a little lower to hit the bottom of the wedge and make a final C wave.
- Expecting a bounce off the bottom of the wedge.
- It should hopefully start a new 5 wave structure up.
- It should at the very least test the top of the wedge for a 15% rise.
- Then we have to wait for confirmation of a break of this wedge structure.
- Note also falling volume and falling price is also bullish.
- A bullish divergence on rsi formed - higher lows on rsi and lower lows on price.
As always trade at your own risk and have proper risk management.
- Has been in a downward wedge for the last year.
- under all moving averages on the daily.
- Make no mistake It is weak.
- Currently at a double bottom at 0.004041 and A wave
- Could go a little lower to hit the bottom of the wedge and make a final C wave.
- Expecting a bounce off the bottom of the wedge.
- It should hopefully start a new 5 wave structure up.
- It should at the very least test the top of the wedge for a 15% rise.
- Then we have to wait for confirmation of a break of this wedge structure.
- Note also falling volume and falling price is also bullish.
- A bullish divergence on rsi formed - higher lows on rsi and lower lows on price.
As always trade at your own risk and have proper risk management.
Comment
Has played out well so far.We got that bounce of bottom of the wedge as expected.
When BTC goes on a run, it tends to crush ALTs so its performed well.
Up 10%
Comment
Lets see if we can break this.Comment
Didn't break the top of the wedge and now almost at the bottom again.Should see it bounce again off this region.
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