LitecoinLong
Litecoin 1d LTC still correcting, for how long?
Welcome Traders,
Thanks for taking the time to read this, please like or subscribe if you like what I'm doing.LTCUSD
I'm still bullish on LitecoinLTCUSD and have been as it has long term correlation to Bitcoin. This was a major dip today and don't expect it to correct overnight.
These corrections, even for Bitcoin, take some time to shake out. In the last correction it took about 21 days to go from the recent high to start it's upward trend on daily bars.
The main point I want to get across is that generally as we start to reach higher high's, the shorter the retracements are.
The first retracement was 21 days, I think this next retracement will be about 14 days or 2/3 of the last retracement. In the past historical bull run's it hasn't been linear, in fact, it just retraces shorter and shorter until we get to the peak. Depending on when the peak will be, to me historically has dictated the duration of the retracement.
It's a double edge sword, the longer the retracements, the higher the absolute peak of this bull run. As the retracements become shorter and shorter we will start to see the absolute peak. Eventually we will see no retracements and just higher high's, that is a good signal that it's time to fly! If we start going up towards $300 too soon, then the absolute peak may be closer than we think. I want there to be at least 1 week before we start moving to higher high's. But, I don't always get what I want. We could even see a deeper retracement below a major support level.
Look for continued downward pressure and sideways action for the next 2 weeks.
Note:
Due to unforeseeable events that may occur due to twitter, bitcoin news, SEC, Pandemic's, or huge moves in bitcoin, don't hold to this chart. This is purely my analysis of what I think might play out over the next couple of weeks. I've been right and I've been wrong, due your own due diligence. I'm not a professional trader, but someone trading in this space for several years. If you like my analysis or what I'm doing, give me a like.
Thanks for taking the time to read this, please like or subscribe if you like what I'm doing.
LTCUSDI'm still bullish on Litecoin
LTCUSD and have been as it has long term correlation to Bitcoin. This was a major dip today and don't expect it to correct overnight. These corrections, even for Bitcoin, take some time to shake out. In the last correction it took about 21 days to go from the recent high to start it's upward trend on daily bars.
The main point I want to get across is that generally as we start to reach higher high's, the shorter the retracements are.
The first retracement was 21 days, I think this next retracement will be about 14 days or 2/3 of the last retracement. In the past historical bull run's it hasn't been linear, in fact, it just retraces shorter and shorter until we get to the peak. Depending on when the peak will be, to me historically has dictated the duration of the retracement.
It's a double edge sword, the longer the retracements, the higher the absolute peak of this bull run. As the retracements become shorter and shorter we will start to see the absolute peak. Eventually we will see no retracements and just higher high's, that is a good signal that it's time to fly! If we start going up towards $300 too soon, then the absolute peak may be closer than we think. I want there to be at least 1 week before we start moving to higher high's. But, I don't always get what I want. We could even see a deeper retracement below a major support level.
Look for continued downward pressure and sideways action for the next 2 weeks.
Note:
Due to unforeseeable events that may occur due to twitter, bitcoin news, SEC, Pandemic's, or huge moves in bitcoin, don't hold to this chart. This is purely my analysis of what I think might play out over the next couple of weeks. I've been right and I've been wrong, due your own due diligence. I'm not a professional trader, but someone trading in this space for several years. If you like my analysis or what I'm doing, give me a like.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.