Litecoin LTC Long Term Low Set or just a Correction, Part 6
Updated
My previous analysis:
Litecoin just keeps on popping up, ignoring all the resistances and possible short term bearish pattern . It even broke that channel on the upside already, which is something that rarely happens. So that "long" term resistance around 50 broke as well. Because of this, the real test will be seen now.
We have already made a pullback to the 50/48 zone, there is a little bit more room left, but normally we should stay above that channel now. If this starts to take a lot of time (several days) the chances for a bigger correction will increase a lot. But the 46/44 blue trend line on the left could also work as support. The green support around 40/42 can not brake anymore, that could even suggest the whole rally is over already and we have set a bull trap with the moves of the past 2/3 days. Ideally we see that triangle on the right form, but that would be unlikely because that needs a lot of conviction. I only see that happen if Bitcoin can break the 3970ish again. I think a retest of the 48 support is more likely to happen than a move to the high again.
Eventually became a similar bull trap move as 2 months ago (orange circles). This shows again, that a break upwards from a big channel like this is unlikely. This used to happen a lot in 2017/2018 (and the past), but those days are over. Anyway, those last pushes up at the highs were failing and now we can see the result of it. I asked for a good triangle to form , to give this attempt more foundation. Because Litecoin' was moving very good and strong the past 4/5 weeks. So it could have happened, but we should have see a move to like 58ish Saturday, but instead some weak pushes turning it all into a bearish wedge.
Anyway, seems we are moving inside of a big bear flag now after this big dump. It is very likely that we will see another drop happen coming days to test support. To see where buyers are willing to get in again. Ideally we stay above that thick black line, but i doubt that. Staying above 40/42 is a must though, because if that one breaks anything can happen. Maybe that big channel will give support again, but i would give it 30/40% chance it will hold then. So only a break of 49ish could make things bullish again, but i give that like 25% at this point.
Previous analysis:
Litecoin just keeps on popping up, ignoring all the resistances and possible short term bearish pattern . It even broke that channel on the upside already, which is something that rarely happens. So that "long" term resistance around 50 broke as well. Because of this, the real test will be seen now.
We have already made a pullback to the 50/48 zone, there is a little bit more room left, but normally we should stay above that channel now. If this starts to take a lot of time (several days) the chances for a bigger correction will increase a lot. But the 46/44 blue trend line on the left could also work as support. The green support around 40/42 can not brake anymore, that could even suggest the whole rally is over already and we have set a bull trap with the moves of the past 2/3 days. Ideally we see that triangle on the right form, but that would be unlikely because that needs a lot of conviction. I only see that happen if Bitcoin can break the 3970ish again. I think a retest of the 48 support is more likely to happen than a move to the high again.
Eventually became a similar bull trap move as 2 months ago (orange circles). This shows again, that a break upwards from a big channel like this is unlikely. This used to happen a lot in 2017/2018 (and the past), but those days are over. Anyway, those last pushes up at the highs were failing and now we can see the result of it. I asked for a good triangle to form , to give this attempt more foundation. Because Litecoin' was moving very good and strong the past 4/5 weeks. So it could have happened, but we should have see a move to like 58ish Saturday, but instead some weak pushes turning it all into a bearish wedge.
Anyway, seems we are moving inside of a big bear flag now after this big dump. It is very likely that we will see another drop happen coming days to test support. To see where buyers are willing to get in again. Ideally we stay above that thick black line, but i doubt that. Staying above 40/42 is a must though, because if that one breaks anything can happen. Maybe that big channel will give support again, but i would give it 30/40% chance it will hold then. So only a break of 49ish could make things bullish again, but i give that like 25% at this point.
Previous analysis:
Note
On the left we can see a support line, which could be supported by the bulls to push up again. If that happens it could still fit the picture of the bigger bear flag on the right. But if that support on the left breaks, could be that we will start to drop again without testing resistance.So it's a level to watch
Note
Litecoin is holding it's ground quite well, making a double bottom just now. Much too soon to say if that will be it, but it is possible. I do think another test might be likely, but so far the bounce of ltc and btc has been stronger than i expected though. 
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