Soon it will be Litecoin's time to shine
Updated
My targets for Litecoin valuation in USD are based on FIB levels, and are done by comparing current fib extensions of both BTCUSD and LTCUSD to fib extensions in previous bull cycles. The LTC/BTC chart also suggests these price targets.
In my opinion, LTCUSD might go above my marked targets if this move doesn't happen soon. The longer BTC keeps going higher while leaving LTC behind, the higher the price of LTC can go.
LTCUSD usually outperforms Bitcoin and makes parabolic moves in the last 2W candle of the bull cycle. I am suspecting we might have our top soon, and the LTC/BTC price chart seems to agree with this. It is possible we go a little lower, but I think we are already in the beginning of the last phase of this cycle.
Time will tell.
Remember, never trade based solely on someone else's analysis. Don't over leverage.
In my opinion, LTCUSD might go above my marked targets if this move doesn't happen soon. The longer BTC keeps going higher while leaving LTC behind, the higher the price of LTC can go.
LTCUSD usually outperforms Bitcoin and makes parabolic moves in the last 2W candle of the bull cycle. I am suspecting we might have our top soon, and the LTC/BTC price chart seems to agree with this. It is possible we go a little lower, but I think we are already in the beginning of the last phase of this cycle.
Time will tell.
Remember, never trade based solely on someone else's analysis. Don't over leverage.
Trade active
After the price broke resistance, and then came back down to test old channel trend line as support, I have activated my trade. Important to use stop loss here, as it may fall back down again to test stronger support at the white lower trend line. If this happens I will open trade again at this support.Comment
So far everythings been looking good. The artificial dump yesterday was unfortunate, but the price jumper right back up within hours. Seems like BTC is correcting today, which might give us a nice discount on Litecoin. Idea is still valid, but Litecoin might take a little longer time before taking off to the moon, all depends on how the next couple of days play out.Comment
If BTC continues dropping a little bit, I think we might see 208 or 200 as bottom.If this is the start of another bigger correction, its gonna be difficult to predict the LTC bottom. If we finally test the 1W 20MA area in btc, which is way overdue and would be healthy, we could see LTC around 150 again, but I do not think this scenario is likely. Then this whole Litecoin idea would be postponed for a good while I think.
Comment
If BTC manages to at least hold this level, I believe both LTCUSD and LTCBTC will break out above the the trendlines you can see in the charts above. If the weekly closes where it is at now, I believe my prediction will continue being accurate.The final targets for LTC valuation in USD depends on both LTCBTC and BTC top. If we only hit TP1 in LTCBTC, LTCUSD might top out closer to 490 area, - depending on how high BTCUSD goes.
Still, I do believe we are more likely to end up either -
in the proximity of 600 to 700- where 635 will be the most important level imo, or proximity of 875 to 1025 - where 890 probably will be the level Im gonna sell at.
If BTC decides to correct within the next couple of weeks, I will postpone this idea to a later time and will have to reevaluate TPs.
Comment
My crystal ball tells me tomorrow will be a big day. Important close today.Comment
My position took a big hit tonight, after buying the when we dipped to 290, and had to go to bed. Ofc, I didn't expect a drop as steep as this one, but I don't believe I need to scrap this idea just yet. We can see that most people have suddenly changed from a bullish sentiment to a very bearish sentiment over night. I think this was just a big shakeout, and I believe the volume in the next couple of days will be absolutely crazy. Be prepared for a lot of volatility, which in my opinion will end in a big breakout to the upside. I can't promise you we have seen the bottom, but I believe we have. I am suspecting we might see a double bottom, and in that case I think BTC will find support again in 52.5k area. For LTC, Im not sure where the bottom would be in a double bottom scenario, but probably in 240-245 area. I think we will be back above 300 within a couple of days, and the rocket might finally take off for real in either the coming week, or in the next 2W candle, but this all depends on how the next few 12h candles look like. If this Is the start of a prolonged correction, I will scrap the idea for now.
Manage your risk, because we are in for a hell of a ride moving forward.
Comment
^Actually, the more Im looking at it, I could see that the double bottom scenario would give us a lower bottom, at around 50k imo. LTC would also double bottom then, ofc, but I think that would have to be a higher low.
Comment
Haven't updated here in a while, as Ive been busy with other stuff in life. There is a chance that we reach my main targets next week, IF we manage to break ATH soon.
Though, I think it is more likely we get another pullback. Either a small one where we will trade sideways below ATH, that last for 5-12 days, OR we get a sharp but quick pullback to shake out over-leveraged traders. Therefore, you probably should not increase your margin. Watch liq price, or monitor closely with stop loss.
Anyways, this trade is very lucrative, and once we get into price discovery - The 12h candles will look absolutely crazy. Remember to take your profits along the way. You might get a euphoric feeling and want to keep your position longer and longer, as it will seem there is no stopping the growth. DO NOT fall into this trap. We are already greedy with this trade, so remember to take your profits, and dont let yourself get too greedy and end up getting rekt.
If you went long with me sub 200, I would advise to at least take a little bit profit around 450-500 level, just in case the rocket gets smashed down earlier than we expect.
Next price level I will take profit at is 600-635 area. At this point one should have taken enough profit that no matter what happens, one is still in profit.
Next price levels we should pay attention to ( potential profit taking ), are:
700-720 area and 870-900. The last target is right below the 4.236 fib extension (which lays at approx 1020usd), although at this point I should have exited, if not all, almost all of my position already. I would be surprised if we overshoot 1000USD by a lot with this next leg up.
KEEP AN EYE ON THE LTC/BTC CHART! This will be one of the important determining factors in which price target we are going to. IF BTC/USD stays at this price level, while LTC/USD keeps climbing, I HIGHLY DOUBT we will reach the highest targets. In this case it is smarter to sell a bigger portion of the position in the lower LTC/USD targets. If BTC/USD suddenly starts rallying soon, it will give more room for LTC/USD to grow.
Good luck :)!
Not financial advice. I am not responsible for anyone else action. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.