Is LTC ready to join the overall crypto bullishness again?As we have seen many Altcoin pumped in the last months, LTC is pretty stable for a period of almost two years. LTC is in a really large triangle and according to my drawn trendlines, it is finally breaking out to the upside. it still has to be confirmed by a weekly close outside the triangle. Currently the ltcbtc ratio is at lows we haven't seen in many years. Also the ratio looks more and more like its going for a reserval. We finally have a green weekly close after weeks of red. Another thing to mention is the highly oversold RSI on the ratio which is screaming for at least a bounce. Also there is alot of bearishness and negative talking about LTC (Rock). Which makes me want to take this trade even more.
I longed the breakout of this triangle and I am looking for continuation. My target is to at least retest the high of the July pump. If we don't have continuation like all the other times LTC 'pumped' i sell my position and wait for ratio to bottom out at 0.002 levels before i even think about longing LTC again.
ROCK
Quick update in gold.. Quick update in gold..
Price action have been holding up ridiculously well for the past month despite the record pace of rallying in the stock market.
SPY:
However, the divergence between USDJPY continues which does not bode well for stocks.
USDJPY:
On the lower timeframe perspective of gold (4~ 12 hour), it does seems that we have made a higher high price here, however I will not rule out of a possibility of a re-test of $1190 support level.
On what seems to be a head and shoulders pattern here, I highly doubt there will be any follow-up given the spike in VIX on Friday's closing. I believe that the second leg down on stocks may start to develop soon which should push gold further up coupled along with the divergence developing in the USDJPY pair.
Look out for a quick spike towards $1400 /oz area.
However I wouldn't entirely consider this rally in gold to be a bull market. It was badly oversold and was already overdue for a bounce with the falling wedge that have been building for more than 4 years anyway.
In other words, there is a possibility that this is a counter-trend rally in a bear market for gold.
Silver in the meantime looks pretty compelling, pretty much abandoned by the mainstream. At $1400/oz gold, I'd trade all my physical holdings into silver.
XAGUSD:
Gold silver ratio:
Breakout in the pet rocksCoiling within this range since September 2015, lots of potential stored energy in here.
The next breakout candle will be big, I'll be expecting at least $15 within the next 2 months.
At a time of this extreme bearish positioning by hedge fund in precious metal, you should be long :)
www.zerohedge.com
A strong temporary bottom is formed at 13.7 for now. Yellen's rate hike is no longer a threat to this.
Gold is headed towards $999, not for long. $1420 in the booksExpecting a massive crash in Gold's price right now as I speak when it breaks down from the year long descending channel.
There'll be panic as it'll be all over retail as CNBC starts painting the end of world. That presents one of the best opportunity to buy as it will be heavily shorted and sold by retail.
(see the chart)
