LTCBTC trade ideas
Litecoin - Next big cycle ?! Not financial advice but someone sharing his trading diary! - Make your own plans and you will do fine in the long run.
- Litecoin might be preparing for a significant growth against BTC.
- After making a local low, it broke an important resistance trendline and put a daily golden cross on 10th April.
- Although I already accumulated some LTC I must admit this is a risky setup: The Monthly timeframe still looks pretty bearish
I will be holding LTC to the targets or invalidation.
#litecoin #ltc #tradin #tradingidea #btc #ltcbtc
Perfect breakout and backtestIt seems like we are witnessing repeat of what happened in January 2018 - LTC is about to go parabolic during this altseason.
1. BTC is making lower lows (also in bullish falling wedge formation, bullish divergence on 4h, oversold on daily for the first time since March 2020 - I believe we will see a bounce very soon, the lowest I think it can go is 45k which was my original idea's target posted here right before first markdown).
2. Simultaneously altcoins including LTC are making higher lows.
3. Multiple altcoins including LTC (also BCH, ETH) broke out of downwards consolidation that in some cases lasted multiple years on their BTC pair.
4. BTC.D looks to be headed further down after small bounce at 51% support. This could go as low as 30%.
I believe BTC will see a relief rally soon and possibly recapture 60k range. This could last the entire month of May. During that time altcoins will soar to new heights exactly like they did during the bounce in 2018.
In case of LTC this is especially beautiful - it caught a reaction on high volume in a value area on this LTCBTC chart, broke out of a falling wedge and now successfully backtested it for support on daily timescale. We are looking at textbook break hook and go here and all that needs to happen for it to take off to new all time high is BTC catching that relief rally we just discussed. I strongly believe we are only days away from seeing that and that the ensuing rally will leave a lot of people in disbelief.
History doesn't always repeat itself but charts don't lie.
LTC/BTC Breaking Out of 2 Year DowntrendAfter 2 years, LTC broke out of its descending wedge. Currently tapping resistance @ 0.00523 for the third time. Like eggshells, eventually it will crack...
CONFLUENCE:
After 2 years we are backtesting the daily 100/200 EMAs as support!
TARGET:
If we keep holding the blue region and EMAs @ 0.0045,
the next resistance is red @ 0.0074 for +60%
LTC/BTC 1000% potential still valid...?#LTC/BTC TA Update:-
#LTC/BTC currently trading at 0.0046 BTC
Already 64% up from our first entry.
Because LTCBTC went upto 0.0054 BTC and which was our 1st TP.
Now
Re entry zone:0.0042-0.0046 BTC
Targets: 0.0054/0.0078/0.0113/0.0174
BTC
Dip for good entry.
Support: 0.0042/0.0038 BTC
Resistance = Targets
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