Litecoin LTC Long Term Low Set or just a Correction, Part 3
Updated
Pretty sick, how it keeps following those line on the left AND the right chart. It's kind of scaring me a bit as well :). Would be nice to see if it follows it the coming weeks as well, because that would mean the market will turn up soon.
Now getting more serious again, this market has been a big pile of crap lately, boring the hell out of everyone and becoming a waste of time and energy (at least for me). When looking at Litecoin', there are 2 realistic options.
1) The market is simply dead, no volume and this is all just a delay of the inevitable, a big dump coming period.
2) The market has turned into slow motion mode, at least when looking at Litecoin', showing a possible inverse H&S inside that big bull flag. Which is normally a sign of strength.
Based on that ugly spike earlier today with Bitcoin, we should see the price drop some more coming days like the red line suggest. This would mean that big bull flag i drew a week ago (on the left) was the right play to follow and will probably play out. The inverse H&S i mentioned, says we should follow the purple line.
I think it's safe to say now, that the 41 is the level to watch. Maybe we should extend that level now to around 40 even. So if these zone breaks, the market will probably turn bearish again. Anything above that zone, would still suggest a bullish trend might happen the coming weeks or so.
I will try to write a Bitcoin' analysis later today, trying to give a bit more clear direction, but at first sight, it's crap as well with 3550ish being the support level.
Please don't forget to like if you appreciate this :)
Previous analysis:
Now getting more serious again, this market has been a big pile of crap lately, boring the hell out of everyone and becoming a waste of time and energy (at least for me). When looking at Litecoin', there are 2 realistic options.
1) The market is simply dead, no volume and this is all just a delay of the inevitable, a big dump coming period.
2) The market has turned into slow motion mode, at least when looking at Litecoin', showing a possible inverse H&S inside that big bull flag. Which is normally a sign of strength.
Based on that ugly spike earlier today with Bitcoin, we should see the price drop some more coming days like the red line suggest. This would mean that big bull flag i drew a week ago (on the left) was the right play to follow and will probably play out. The inverse H&S i mentioned, says we should follow the purple line.
I think it's safe to say now, that the 41 is the level to watch. Maybe we should extend that level now to around 40 even. So if these zone breaks, the market will probably turn bearish again. Anything above that zone, would still suggest a bullish trend might happen the coming weeks or so.
I will try to write a Bitcoin' analysis later today, trying to give a bit more clear direction, but at first sight, it's crap as well with 3550ish being the support level.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
On the right you can see the inverse H&S i mean, inside of the bull flag. On the left we can see that bull flag, that is still bumping against that big long term resistance level. What i mentioned in a previous LTC analysis, that the longer we stay this close to that resistance, the bigger the chances become of a break upwards. But the bulls need to keep the trend of higher lows intact.
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