LTC - Short to midterm BULL
Updated
My naming of charts is not to confuse you. I like to be very precize in what I do, so lets get into this.
The reasoning for this long is to be found in the recent BTC analysis that also includes LTCUSD and LTCBTC. The roadmap is not fully clear to be honest, thats why we are cautiosly bullish, this might change by tomorrow or within the next week. As mentioned in the previous BTC analysis we might be at a pivotal point looking at the H4 chart of BTC. Check the big analysis on BTC here:
But also, because of reasons more detailed explained in the above analysis we stay cautiously bullish on LTCUSD AND LTCBTC!
Things are running fast in cryptospace, thats why you need to make sure yourself that your reasoning for entering is proper. I flipped from bearish on LTC to partially bullish in the morning around the 73.0 level which reflected my first target for the previous LTCUSD short:
Analysis:
- Looking at the LTC/BTC pairing we see that LTCBTC lies just above a huge longterm support level . This chart shows the first supportive reactions of this level dating back to OCT 2017, although this level has been supportive also in JAN-MAY 2015 before it broke down.
- Currently there are some similarities from NOV17 to now as you will see in the chart. Notice that this is a 3 Day chart for visual reasons.
- Notice that the supportive areas here are not perfect and just represent a guess. Also notice that this area has already acted as support three times and might be worn out now.
- This current 0.007 level is a pivotal point of huge importance.
- The daily chart of LTCBTC also offers some midterm insights as to what might happen.
- The white marked "3 wave pattern", whatever you want to call occured before major upwards trends:
For the reasoning above we are currently cautiosly bullish on LTC. Cautiosly!
For the moment we stay bullish on LTCUSD only in the short term, keeping the midterm picture of BTC in mind (check latest BTC analysis)
The reasoning for this long is to be found in the recent BTC analysis that also includes LTCUSD and LTCBTC. The roadmap is not fully clear to be honest, thats why we are cautiosly bullish, this might change by tomorrow or within the next week. As mentioned in the previous BTC analysis we might be at a pivotal point looking at the H4 chart of BTC. Check the big analysis on BTC here:
But also, because of reasons more detailed explained in the above analysis we stay cautiously bullish on LTCUSD AND LTCBTC!
Things are running fast in cryptospace, thats why you need to make sure yourself that your reasoning for entering is proper. I flipped from bearish on LTC to partially bullish in the morning around the 73.0 level which reflected my first target for the previous LTCUSD short:
Analysis:
- Looking at the LTC/BTC pairing we see that LTCBTC lies just above a huge longterm support level . This chart shows the first supportive reactions of this level dating back to OCT 2017, although this level has been supportive also in JAN-MAY 2015 before it broke down.
- Currently there are some similarities from NOV17 to now as you will see in the chart. Notice that this is a 3 Day chart for visual reasons.
- Notice that the supportive areas here are not perfect and just represent a guess. Also notice that this area has already acted as support three times and might be worn out now.
- This current 0.007 level is a pivotal point of huge importance.
- The daily chart of LTCBTC also offers some midterm insights as to what might happen.
- The white marked "3 wave pattern", whatever you want to call occured before major upwards trends:
For the reasoning above we are currently cautiosly bullish on LTC. Cautiosly!
For the moment we stay bullish on LTCUSD only in the short term, keeping the midterm picture of BTC in mind (check latest BTC analysis)
Note
Missed to provide you with this beautiful daily bullish divergence on the RSI.Gl trading
Note
Closed hourly above the EMA 21. Lets see how much followthrough we get.Note
BTC + LTC currently not really moving in our favor.Potential for an inverted H&S on the 5m happening right now. Nothing more.
This 73.5 area is a good point to add to your position if you are playing this agressive. To go along with this there is a bullish divergence on the 5m as you see in the chart as well as a divergence on the 1H!
- Close below the red dashed line and things probably get ugly again.
Bullish divergence on the H1:
Overall we are not super confident on this and wait patiently to add more / might look for an exit soon.
Note
The inverted H&S is currently playing out:BTC is rocketing:
Note
For now the trade is working out.We did not close below the invalidation level of 71 and pushed back up from there.
We have taken half our position off the table at 78.55 and adjusted the invalidation level to 75 (Daily close below this level).
Note
Filled up to full position again around 72area.This downward trendline doesn't look super exiciting, but the drop so far gives us some confidence that this dump on BTC is soon over.
According to my rules I should exit here at this trendline and urge everyone to do so.
I stick with the position hoping for upside. #hopium :-)
Note
This trendline has been tested a dozen amount of times. Currently we are squeezed between EMA 55 and 100 but well above the EMA 21. LTC also posted a higher low and a higher high on the hourly. Thats two cents in our favor.
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