MTL Price Recovery?Looking at the past several month's decline in MTL prices coupled with the recent increase in trading volume and value, it seems possible a price recovery may be taking place.
In the graph, the plotted lines show what a complimentary incline for the past several months of decline could look like.
Recovery
LTC COULD RECOVER $180As I am learning some trading indicators, I would to share you my point of view for the short LTCUSD. I noticed a validated inverse H&S pattern, so LTCUSD could test the $170 support of the bear channel. The RSI seems to work towards an increase trend, since we already had 3 oversold before. If we break that support, LTCUSD could recover $180 tomorrow.
What do you think about that short analysis, is it enough to justify such forecast ?
My english is not the best, but think it is enough to be understood.
Thank you and have a great trade ahead.
The chart with more details :
Possible BTC recovery signs??BTCUSD : DAILY
Are we seeing a the clouds clear up??
If we fill out all of these scenarios we may see some serious recovery happen over the next month as we approach the tip of this wedge.
I am seeing a Head and Shoulders pattern possibly fill out here pending some ideal conditions:
- Stoch RSI double bounce, cross, and separation due to oversold condition signaling bullish movement upward.
- RSI staying above or bouncing off of 32 level and increasing strength into the bullish zone.
- And most ideally, a MACD crossover as close to, if not on, the Zero line. I see this consistently, MASSIVE bullish movement after a MACD cross ON the zero line.
Oooooofffff course....... it could very well break out below the wedge, but that's not a happy thought. Plus I prefer to make rockets on my charts, not missiles =)
The price might bounce off of the $7510 resistance, but will likely hit the $6950 to $7000 range before it begins recovery, this is kissing the current trend line as well as a strong resistance intersection point.
Assuming these conditions are met and the price doesn't jump off of a cliff, we need to see some consistent closes above previous resistance lines, and hopefully we will see a positive breakout of the wedge come end of March or beginning of April.
However, if it drops below that trend line, the next identified support is at the $6100 to $6200 range. Fingers crossed that I will not have to reevaluate due to those conditions.....
I seriously put a lot of work into my rocket.
-Spreck
Standard disclaimer: This is not financial advice, just ramblings of some dude that likes looking at, and drawing on graphs.
The Road to Recovery for Bitcoin and Altcoins During the 2008 recession, economist looked at data from the Great Depression in the 1930's to help them understand what the path to recovery would look like. In cryptocurrency, the only past example of a major retracement was 2014 (and that took 3 years to recover!). However, of course, since more people know about crypto now and there are other great coins and development teams out there (not just Bitcoin), the recovery shouldn't take quite that long. This is a projection of what the 2018 recovery would look like if it does follow the pattern of 2014-2016. One major assumption I'm making is that the market will crash back down to its strongest support, below even the lowest ebb we saw in February. This is just a realistic assumption; I've never seen a head and shoulders that turned out well; crypto enthusiasts are telling themselves that this couldn't possibly be like the dot-com bubble because it's different, but it is much like it. A recovery won't happen overnight, and I would be highly suspicious of any massive recovery that happens in a very short period of time. A Fibonacci cup that tests resistances and grows organically is much more healthy and likely than a surge to 820 billion in April that basically just looks like a set of twin peaks. Since the massive correction happened 3 times as quickly, this projection does assume that the recovery period will happen 3 times as quickly (just under 1 year instead of 3).
I understand many people who expected quick sustainable growth will be very disappointed, especially because they're surrounded themselves with yes-men who even told them in January that the market was just bull-flagging and there was nothing to worry about. But this recovery may very well take the better part if not most of the year if the market truly falls down to its strongest support. The massive bull run that happened in October, November and December took the entire 9 months of accumulation to create. The next bullrun will need an accumulation phase as well. For mid to long term holders, I would wait till April or May to buy in at least.
3 Resistances BTC needs to break for a recovery!We are close to breaking the first recovery line and hope to see the next two.
