Hopefully the worst is over for LTC. I was wondering how much punishment it would take from BTC getting pummeled over the last few days. Looks like bulls and trying to make a stand here.
Over the next few days we should see which way BTC goes from here. If BTC doesn't stall in the double bottom zone then it should reach around 7,000 in a few days. If volume picks up we could see BTC reach 14,000 in a week or two.
I thought I would draw some trend lines and try and figure out what is going on here. Hopefully all the FUD is done and BTC will find support in the yellow zone. If so then I would expect the price to go sideways until there is volume to move it up along the white dotted trend line. If not, then I would expect the price to settle near the purple trend line...
I decided to use the log scale on this chart to look for some trend lines. I have included both a bullish and bearish outlook for BTC. The red dotted arrow is a bearish outlook if the current chart pattern ends up being a double top. However most descending broadening wedges end up bullish at the end and I am expecting a breakout toward the 18K price level...
Looking at the week ahead for TQQQ I think there is still some upside before this ascending broadening wedge turns bearish. For aggressive traders I would wait for a close above the blue trend line, but be ready for the price to bounce off of the yellow trend line. For more conservative traders wait for a close above the yellow or better yet the green trend line.
It looks like LTC might start another bullish trend if the price holds up over the next few days. The grey lines represent my hopes for the price of LTC (High/low) for the rest of the year.
I made some trend lines about a week ago. So far so good, but the real test will be in the next week or less. Hopefully the Asian market will begin buying again real soon.
I drew these lines about a week ago. So far they are holding up but the real test will be in the next week. Hopefully buyers from South Korea will start to come back into the market along with the Chinese now that the exchanges have reopened in Hong Kong.
Some trend lines for ltcusd. I'm expecting LTC to fill out the triangle and follow the 7 month trend line. My hopes is that it continues to follow the 2 month trend but that is probably wishful thinking. It will all depend on what BTC does since LTC seems to rely more on the price of BTC for the time being. Comments welcome.
I thought I would try my hand at some trend lines. I expect BTC to bottom out at the 4 month short term trend line. I put some possible support lines in as well.
