Litecoin / EuroLong
LTC triangles
Updated
LTC price action goes through descending triangles. Every triangle takes longer to play out (lengthening cycles)
First triangle was from mid 2017 to beginning of 2019. (yellow triangle)
Second triangle from beginning 2019 to 2021. (orange triangle)
Third triangle took from 2021 till 2024. (red triangle)
The base of every next triangle is set at the last upper touching point of previous triangle (last candle that touched resistance before breakout).
Bullrun after breakout from red triangle was rejected for now by green line, which has been important level since 2018 (app. 100 EUR). It also coincides with the last touch point before breakout from red triangle. This green line is very important level LTC needs to break before it can go into bullrun mode.
Stoch RSI on the monthly is below 20, curving towards the upside. And RSI on LTCBTC chart has been creating higher lows since January this year while price action has been making lower lows (bullish divergence).
Could this be the much needed push?
First triangle was from mid 2017 to beginning of 2019. (yellow triangle)
Second triangle from beginning 2019 to 2021. (orange triangle)
Third triangle took from 2021 till 2024. (red triangle)
The base of every next triangle is set at the last upper touching point of previous triangle (last candle that touched resistance before breakout).
Bullrun after breakout from red triangle was rejected for now by green line, which has been important level since 2018 (app. 100 EUR). It also coincides with the last touch point before breakout from red triangle. This green line is very important level LTC needs to break before it can go into bullrun mode.
Stoch RSI on the monthly is below 20, curving towards the upside. And RSI on LTCBTC chart has been creating higher lows since January this year while price action has been making lower lows (bullish divergence).
Could this be the much needed push?
Trade active
LTC still in accumulation zone between 55-100 EUR, currently testing 100 EUR resistance.
Volume has risen in last 3 weeks.
Stochastic RSI on the monthly seems to be getting above 20 level but month is not over yet.
Everything according to plan for now.
Note
LTC broke above 110 EUR with very high volume. Currently testing 110EUR for support. If it holds, it is a very strong bullish move.
Stochastic RSI on the monthly crossed up and rose above 20 level.
Weekly RSI is playing out bullish divergence.
So everything as predicted.
Next major resistance levels: 130 USD (tested it in the last day and got rejected for now), 180 USD, 230 USD, 280 USD. I am writing in USD because LTCUSD chart is more clear regarding these levels.
Note
LTC has been testing 94 EUR (98 USD) support for the last few weeks. For now support has held.
RSI structure is also not broken, support at 43 level (daily) and 55 (weekly). For now this is a nice textbook pullback .
The only thing that concerns me a bit is that BTC experienced only a 15% pullback. BTC has more downward room in this pullback and if BTC starts going down it will most likely drag ALTS (also LTC) with it. That move might break structure for LTC so be careful.
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