Potential wedge forming on LTC
LTC has dipped and looks like it may start to form a large wedge (orange line and white line).
I think there is still a potential down to $180 as I mentioned yesterday, but it is largely dependent on BTC as the two look to be in lockstep once again (with a drastic potential change after this week, more on this in my previous posts). If however BTC goes drastically down, I then figure all bets are off and LTC will likely follow at this point.
The most likely scenario from what I can tell is If litecoin continues to follow the trend of bitcoin, and if bitcoin continues upward, there might be a retrace back up for a short time before taking a dip or a breakout (similar to what I wrote on BTC earlier today). If that were to occur and a wedge indeed does form, then it seems like there will be sideways action that could likely go up then dip back to around $185 again over the next few days before deciding which direction out of the wedge it would head.
Hence, it looks to me at this point like LTC is heavily dependent on BTC for the short term, and then whichever way things break for BTC, LTC will be more drastic in that direction thereafter. And as always, I'm open to opinions if folks see anything that stands out otherwise.
I think there is still a potential down to $180 as I mentioned yesterday, but it is largely dependent on BTC as the two look to be in lockstep once again (with a drastic potential change after this week, more on this in my previous posts). If however BTC goes drastically down, I then figure all bets are off and LTC will likely follow at this point.
The most likely scenario from what I can tell is If litecoin continues to follow the trend of bitcoin, and if bitcoin continues upward, there might be a retrace back up for a short time before taking a dip or a breakout (similar to what I wrote on BTC earlier today). If that were to occur and a wedge indeed does form, then it seems like there will be sideways action that could likely go up then dip back to around $185 again over the next few days before deciding which direction out of the wedge it would head.
Hence, it looks to me at this point like LTC is heavily dependent on BTC for the short term, and then whichever way things break for BTC, LTC will be more drastic in that direction thereafter. And as always, I'm open to opinions if folks see anything that stands out otherwise.
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