Litecoin Ready to Take a Shot at a New All Time High
Updated
Litecoin appears to be nearing the end of a bullish non-limiting triangle, however, this pattern still remains unconfirmed and could potentially break in either direction, but the upside seems a lot more likely based on momentum and also the general bullishness of cryptocurrency at the moment with BTC nearing all time high again.
Also since this is a non-limiting triangle the potential targets are fairly high, and I suspect that Litecoin is in a similar position as BTC was in around mid 2016, which means Litecoin could potentially be preparing to break 55 USD and make a new all time high over the next year if this triangle confirms the continuation of the bull trend. However, IF this does end up breaking down it will be a good idea to short Litecoin into the ground because the failure of this pattern could easily mean Litecoin goes under 1 USD.
Either way, its a good idea to keep an eye on this triangle to see what happens because it will likely set up a very profitable trade in either direction. I suspect that it is going to break up but my suspicions could be wrong and this could break down, so it's good to be prepared to profit from both directions.
"A good traveler has no fixed plans, and is not intent on arriving." -Lao Tzu
Also since this is a non-limiting triangle the potential targets are fairly high, and I suspect that Litecoin is in a similar position as BTC was in around mid 2016, which means Litecoin could potentially be preparing to break 55 USD and make a new all time high over the next year if this triangle confirms the continuation of the bull trend. However, IF this does end up breaking down it will be a good idea to short Litecoin into the ground because the failure of this pattern could easily mean Litecoin goes under 1 USD.
Either way, its a good idea to keep an eye on this triangle to see what happens because it will likely set up a very profitable trade in either direction. I suspect that it is going to break up but my suspicions could be wrong and this could break down, so it's good to be prepared to profit from both directions.
"A good traveler has no fixed plans, and is not intent on arriving." -Lao Tzu
Note
I just want to add the alternate count that I am looking at, if this were to actually break down, we still need to finish forming wave e so we will likely get another leg up that will break the b-d trendline (on the bullish triangle) but won't break over 6 USD. We could then stall for several months before finally breaking down out of the triangle and heading under 1 USD. Both counts are definitely possible until either one is confirmed by breaking the highest/lowest price attained by the triangle.
Note
s3.amazonaws.com/tradingview/snapshots/g/G7V07pM6.pngLooks like we are forming a nice deep crab on LTCBTC. If this support holds then we could definitely start seeing some really bullish price action on LTC that rivals BTC's recent price action, if this support fails then LTC will likely be much less bullish than BTC, at least in the intermediate term.
Note
s3.amazonaws.com/tradingview/snapshots/r/rvEUCR4b.pngStage 1 confirmation of a break up on LTC happening now. If this continues to stage 2, ie. breaking over 6-7 USD, then we will confirm the non-limiting triangle which will likely mean that we are going to head over ATH within the next year. It is possible that this still fails from here per my alternate count so it is a good idea to keep a close eye on it until stage 2 is confirmed. After that it will be a good idea to trail a loose stop loss and let this run for awhile, while closing on any major retracements and pick up more at lower prices.
Note
LTCBTC also had a strong bounce off of support so we could definitely see some major bullish action beginning on LTC very soon.
Note
Litecoin has now hit Stage 2 confirmation of the non-limiting triangle. This means that the triangle is definitely confirmed from here and over the next year we will very likely continue past all-time-high. The ride to a new all-time-high will likely be bumpy but we probably won't retrace very much from here.
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