LTC/USD Secondary trend. Downlink

Updated

Secondary flow. Logarithmic graph. Term 3 days.

Main trend. — an ascending channel in which a huge butterfly is forming (part 2 is being formed)
Secondary trend is a downward channel.
Local trend in the secondary trend—wedge-shaped clamping of the price

Coin in coinmarket: Litecoin

The same options. Line chart.

Main trend

LTC/USD Main trend. Halving. Cycles, The psychology of repetition.

This butterfly. Logarithm. Deadline 1 week. I have shown one more variant of its formation in case of violation of its dynamic support.

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Price made from the breakout of the local downtrend +24% and is now pulling back to the same breakout zone of $53. Key levels of local work and percentages from them on the chart.

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It is now about +24% from the local reversal zone. The price is in the local channel, moving towards its resistance, which is an important reversal zone. The percentages are shown on the chart.

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Light, the trading situation now. The price has been squeezed in a narrow range in the area of level 53 for almost 2 weeks (the average flat price). The percentages from this zone are shown on the graph.

LTC address activity has skyrocketed since January 2018.
LTC hashrate sets its historical record at 535,187 Th/s
The average daily number of transactions rose to 210,000, the highest since January 2018.

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On October 21-22, Litecoinsamit 2022 will be held in the USA, with a high degree of probability there will be a pump before the summit. litecoin.net/summit

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LTC summit time in Los Vegas. As a rule, the price was always pumped up before such events, but now, due to the uncertainty in the market and the expectation of future non-crypto events, the price is in super clamping with minimal volatility.

The denouement will be impulsive due to stops and be accompanied by background news. The feet are on both sides. The community is clearly divided, it is clear where are the main liquidity zones (stops) and the main resistance/support zones (formed by the chart logic and pending buy/sell orders).

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About +60% of the average price of the accumulation channel. An expanding triangle is formed. Locally, the price may rise within this formation up to the resistance of the downtrend (red). Don't forget to protect your profits.

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Further trend development. Re test of the mirror resistance level of the accumulation channel of 8 months. Breakdown. Rollback. Local percentages from this zone are shown.

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Like the entire alt market, the price of the coin from the reversal zone rose to the first local target by about + 30%. If there is a breakout of a downtrend secondary trend (red), then with a high degree of probability it will be impulsive, that is, a pump (news and so on).

In comparison with other alts in this time period, the price of the coin showed less profit due to liquidity, "old age" and, most importantly, unlike other alts, the movement (light is always the first one) did not start from a price low. From the average price of this set, the price is now + 72%

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The price has reached the $96 level.
This is +92% of the average set price.

The psychological level is $100 (the crowd had previously piled into a round number of pending orders). This is also the secondary trend downtrend crossing zone on the peaks (red on the chart). An important resistance zone. Breakout and fixation above it - will go high (the former distribution zone).

Locally, a pullback inside the expanding triangle formation is possible.

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Trading situation on 21 02 2023
The price is still in the $96 zone in the canvas of the expanding local trend triangle under the downtrend of the secondary trend (red).

I emphasize that now at the price of $96 it is +81% from the trend reversal (average set price is $53) or +131% from the low of the secondary trend.

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No breakdown of the resistance level of 96, a pullback to the support zone of 70.916. A rebound to the resistance zone of 96.

Maybe in a couple of days there will be a second attempt to break through this zone, that is a break and fixation above the resistance level of 96 and the secondary downtrend line. The whole price drop from the high of 413.46, all 700 (23 months) days (the final break in the trend).

In the case of a non-break, it could locally form part of a head and shoulders pattern near the accumulation zone to begin with.

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Price is testing the resistance of the secondary downtrend again (all the price drop of more than 1.5 years). Locally an inverted head and shoulders formation (bullish pattern) was formed. Its local targets are shown on the chart.

Now the price grew by +81.58% from the average accumulation price.

I would like to remind you that it is not so long before the halving of this cryptocurrency. In the past, the price was pumped up considerably before the halving. After it a super dump, this coincided with the market cycle.

That is, before bitcoin's halving, the price is minimal and the best entry point for bitcoin (the overflow of money from lightcoin and other cryptocurrencies pumped earlier, that is in the so-called intermediate cycle, which is developing now). At this point, the price was just coming out of consolidation and a real bullish trend and hype began.

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There is a breakout of the downtrend line (2.1 year downtrend channel resistance) and the resistance level of 96 (from 4 times). The price is now $108.33.

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LTC/USD Secondary trend (part). 09 12 2023

Time frame 1 day. Part of the secondary trend. Channel to work, price consolidation in its lower part. A high probability of an upward exit from it. Key levels are shown by arrows. Percentages for clarity and target orientation similarly.

SpartaBTC

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LTC/USD Main trend. Halving. Cycles The psychology of repetition

by SpartaBTC

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