$LTC broke out of a textbook Adam & Eve
Updated
Hello dear padawans and crypto traders. I think 2021 will be the year crypto establishes itself in the mainstream financial markets. Not only institutional players started catching up but retail investors are also realizing that cash is very weak. According to several articles I read the dollar is expected to lose a big chunk of its value in 2021. Yale economist Stephen Roach estimates a loss in value of about 35%. That is a lot of value to lose in one year. Additionally, people are realizing that our financial system is corrupted by default. It is designed to favor big players and corporations over the rest of us. The most compelling example of that is the GME/AMC fever that forced brokers to halt trades on those tickers. Had they not placed the halt they would most likely not be solvent. That means they are not expecting retail traders to move stocks like that and that the whole system is designed with that premise. That sucks, doesn’t it?
That is my view on why I believe crypto will start flying higher from here on out. Things could always turn out different because there are so many variables in this game but a lot of evidence points to a definite rise in the crypto market cap and more broadly incorporation of crypto into everyday financial activities. Bitcoin is the main player but several other coins will benefit from that rise. LTC is one of them.
All that said, let’s take a look at LTC. As you can see on this weekly chart, LTC just broke out of a textbook Adam & Eve pattern that has formed over the course of almost 3 years. The mid term target is the measured move from the lower valley of the pattern (the V portion of it in this case) to the neckline (resistance) plotted on the breakout level. That would take us to about $290 in the mid term. That doesn’t mean the price couldn’t retrace from here (it does look a bit overextended) but the overall picture is very favorable for new highs.
I am accumulating at these levels and will continue to do so if the price retraces.
Good luck and safe trades!
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***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
That is my view on why I believe crypto will start flying higher from here on out. Things could always turn out different because there are so many variables in this game but a lot of evidence points to a definite rise in the crypto market cap and more broadly incorporation of crypto into everyday financial activities. Bitcoin is the main player but several other coins will benefit from that rise. LTC is one of them.
All that said, let’s take a look at LTC. As you can see on this weekly chart, LTC just broke out of a textbook Adam & Eve pattern that has formed over the course of almost 3 years. The mid term target is the measured move from the lower valley of the pattern (the V portion of it in this case) to the neckline (resistance) plotted on the breakout level. That would take us to about $290 in the mid term. That doesn’t mean the price couldn’t retrace from here (it does look a bit overextended) but the overall picture is very favorable for new highs.
I am accumulating at these levels and will continue to do so if the price retraces.
Good luck and safe trades!
Show your love: If you get anything out of this TA, please hit the like button so other can find this analysis quicker.
Follow for more: If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
Note
Here is a better looking chart of the pattern. I posted the analysis from my phone so the quality of the main chart was not the best.
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