Litecoin November L/S Term Update
Updated
Discussions have been made in my various groupchats about the current market and the two market indicators that have been formulating over the past couple of weeks. A cup and handle and a head and shoulder. As per my previous discussions and analysis, I am very bullish on Litecoin and think it is highly undervalued.
For the current Head and shoulder forming, the $56 barrier has to be broken in order for us to trade in the $53-50 range. I think this is highly unlikely for the month of November unless big bro BTC brings us down with him.
We have seen heavy accumulation for the previous two weeks in the $53-55 range leading up to the failed Segwit2x of BTC. Which has led to our current cup and handle. The current chart is the same one that has been shared in my previous analysis. The orange trendline has so far been in tune with my analysis and I think everything will hold status quo.
We will see $70 being hit in the upcoming weeks and a bullish setup is rearing to go. Looking at the order books on GDAX it is a long stronger than I have seen in a long time.
Long-term investor: If you aren't too picky about your buy-in range feel free to purchase sub $60 -55. Take profits at $70-75 in November. $80-90 hopefully by years end.
Short-term players: Buy in close to $60 or below. Hold through the small potential dips to $56. Sell 66 and follow the retrace back to $63-62. Buyback in and sell at $72-75.
Yes DASH had a 50% gainer yesterday and took the #5 spot in the overall market cap. I think LTC is still in great position to retake and overtake over the long run. Fundamentally it should be trading in the 3-4 digit range. Please note that Charlie Lee just started to work full time on LTC this year. We can see a lot more forward movements in the upcoming months. This analysis won't make crypto day traders too happy. LTC trades more like an aggressive stock than a crypto. If you are looking for 20-30% gains LTC might not be the one for you...yet.
LTC is a great LONG term investment that has been very versatile throughout the ups and dows we have been experiencing the past couple months. Litecoin is definitely a great vehicle for people who want to learn how to trade crypto....understand strategies....the volatility....etc. It is still stressful holding the dips, but at least you won't see thousands disappear in seconds...and sadly you won't see thousand go up in seconds on LTC either :( But hey! you can make a lot trading the daily 4% movements. That's how i did it.
(also if someone can teach me how to frame my chart more effectively please hmu. As you scroll left and right the ratios change...not sure how to fix that. I see other TAs that have a more wider range of views and cleaner) Thx.
For the current Head and shoulder forming, the $56 barrier has to be broken in order for us to trade in the $53-50 range. I think this is highly unlikely for the month of November unless big bro BTC brings us down with him.
We have seen heavy accumulation for the previous two weeks in the $53-55 range leading up to the failed Segwit2x of BTC. Which has led to our current cup and handle. The current chart is the same one that has been shared in my previous analysis. The orange trendline has so far been in tune with my analysis and I think everything will hold status quo.
We will see $70 being hit in the upcoming weeks and a bullish setup is rearing to go. Looking at the order books on GDAX it is a long stronger than I have seen in a long time.
Long-term investor: If you aren't too picky about your buy-in range feel free to purchase sub $60 -55. Take profits at $70-75 in November. $80-90 hopefully by years end.
Short-term players: Buy in close to $60 or below. Hold through the small potential dips to $56. Sell 66 and follow the retrace back to $63-62. Buyback in and sell at $72-75.
Yes DASH had a 50% gainer yesterday and took the #5 spot in the overall market cap. I think LTC is still in great position to retake and overtake over the long run. Fundamentally it should be trading in the 3-4 digit range. Please note that Charlie Lee just started to work full time on LTC this year. We can see a lot more forward movements in the upcoming months. This analysis won't make crypto day traders too happy. LTC trades more like an aggressive stock than a crypto. If you are looking for 20-30% gains LTC might not be the one for you...yet.
LTC is a great LONG term investment that has been very versatile throughout the ups and dows we have been experiencing the past couple months. Litecoin is definitely a great vehicle for people who want to learn how to trade crypto....understand strategies....the volatility....etc. It is still stressful holding the dips, but at least you won't see thousands disappear in seconds...and sadly you won't see thousand go up in seconds on LTC either :( But hey! you can make a lot trading the daily 4% movements. That's how i did it.
(also if someone can teach me how to frame my chart more effectively please hmu. As you scroll left and right the ratios change...not sure how to fix that. I see other TAs that have a more wider range of views and cleaner) Thx.
Note
My orange dotted line on the chart shows my estimated path for LTC Price. Market has been following it thus far. The bulls are setting up for a push. Strong order books on GDAX. We will see dips into high $61-62 tonight. $65-66 range should be a couple days away. Slow and steady is the name of the game with LTC, 85% you can make money if you understand how it moves.
Telegram Group Chat: t.me/joinchat/GdFqVUpgLZ8oZA47Rn1ojw
Feel free to join or DM.
Note
Market is still moving along my predicted path. We will see a two different things occuring tonight. 1) Market will hit a super bullish run while i sleep. (USA) to $64 and a dip $62 and an aggressive push past $65.
2) We will see a lul in price action as we consolidate in the $63-61.8 range.
What we need to get to $66: Big Boy BTC needs to cross beyond $7,000. There is a sell strong sell walls and resistance at $7,000. As for we can see BTC hitting $7,300-7,500 before a slight correction.
Note
Today will be very unique. LTC and BTC is setup for a big push to the moon. Not much resistance points left. We had huge volume last night to break all of the resistance lines. Now its up to the USA and EU to decide if we dip or go up.
Personally i see $66 today. Easy. Deciding if its going to dip and lul around $64-65 or moon to $70 is a different story. Lets hope for the latter.
Note
ahahha Price prediction hit!!! Wait for the retracement to mid $60's and next TP is $75 The cryptogroup chats are going ham :) Party up bois!
Note
Soooo I realized my orange dotted line isn't to scale to my actual price points i set. I will drop an updated TA tomorrow morning with new price predictions from this point forward :) Hope everyone made some good $$$.
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