LTC/USD Another Critical Point This Week
Updated
If you read my last TA, we did see the bounce over the weekend, but we didn't quite drop to the double bottom line (in red) before the bounce to the 121 level. On Monday morning the bears took over and sold us back down to the 112-114 level, and consolidation has resumed forming another bear flag.
We've got some critical points of interest this week. If we drop out of the bear flag, we will most likely see resistance again in the 110 range. As a bagholder, I personally DON'T want to breakthrough this line of resistance, but IF we do...I'll be looking to pick up some coins at the bottom of the downtrend around 100+. Breaking through the resistance line would not be good for LTC HODLers. It would signal a continuation of the downtrend with next level of support at 0 Fib line (approx 95)from December ATH (narrow blue line). After that, it could be very ugly.
What I'm hoping for is a bounce into the upper half of the downchannel with 135 as a target. This was a previous bottom on March 18th. If we somehow could get a moon run and pass this level...we could finally clear the downchannel. If you look above at the black triangle, this was the symmetrical triangle from ATH and bottoms we were hoping to stay in with 4/15 as a decision time. Obviously LTC blasted out of the triangle on the down side on 3/26 after the Litepay fail selloff, and of course we are mirroring BTC as well. I kept the triangle on the chart just as a reminder that April 15th could still be a significant time if we somehow see bull activity.
I'm not buying at current level, but watching the bear flag movement in case it drops to 100 for some weekly trade opportunities while hoping we can get on an upward trend.
This is only an idea and should not be considered investment advice. I continue to believe in Litecoin even though it could be a long time before adoption. It's been difficult to watch this coin be continuously suppressed, and I feel LTC has a very good chance of surviving the overall crypto market meltdown. Good luck, and keep some fiat for buying opportunities.
We've got some critical points of interest this week. If we drop out of the bear flag, we will most likely see resistance again in the 110 range. As a bagholder, I personally DON'T want to breakthrough this line of resistance, but IF we do...I'll be looking to pick up some coins at the bottom of the downtrend around 100+. Breaking through the resistance line would not be good for LTC HODLers. It would signal a continuation of the downtrend with next level of support at 0 Fib line (approx 95)from December ATH (narrow blue line). After that, it could be very ugly.
What I'm hoping for is a bounce into the upper half of the downchannel with 135 as a target. This was a previous bottom on March 18th. If we somehow could get a moon run and pass this level...we could finally clear the downchannel. If you look above at the black triangle, this was the symmetrical triangle from ATH and bottoms we were hoping to stay in with 4/15 as a decision time. Obviously LTC blasted out of the triangle on the down side on 3/26 after the Litepay fail selloff, and of course we are mirroring BTC as well. I kept the triangle on the chart just as a reminder that April 15th could still be a significant time if we somehow see bull activity.
I'm not buying at current level, but watching the bear flag movement in case it drops to 100 for some weekly trade opportunities while hoping we can get on an upward trend.
This is only an idea and should not be considered investment advice. I continue to believe in Litecoin even though it could be a long time before adoption. It's been difficult to watch this coin be continuously suppressed, and I feel LTC has a very good chance of surviving the overall crypto market meltdown. Good luck, and keep some fiat for buying opportunities.
Note
Great news! We stayed above the double bottom, accumulation continued, and then we saw a nice bounce to the upper half of the downchannel around 7 am EST up to 127. Here's the good news. The BTC/LTC ratio has Litecoin lagging this morning, so I'm hoping we'll see an additional move on the upward side to "catch up" with the BTC, & ETH bounce. I still believe 135 is a major resistance line, and don't expect to get that high today. Will be taking profits if the ratio gets over .17, and hoping for a continued run. IF we can see a new consolidation level until the weekend, we could see a breakout of the downchannel over the weekend.
As always, this is just an idea...not investment advice....and damnit, I'm ready to see some Elliot Waves on the upside and the creation of an upchannel.
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