btc_joe

LTC/BTC showing weakness?

BITFINEX:LTCBTC   萊特幣/比特幣
1167 8 9
If you have been following my other bigger picture chart "the lite at the end of the tunnel" u know this is my stance, just figured I would publish. Seem like we are in for a decent correction if this breaks down. By my count this is wave 2 of wave 3...and just looking at the move up time wise could see this turning into a W-X-Y             . Also, there is head and shoulders pattern forming on the 4h which corroborates the 50-61% retracement on the daily chart for wave c.
評論: The 4h head and shoulders pattern:
評論: Hmm was that it for wave c? Might be time to test the blue line but still think we’re heading lower after. Since we didn’t make it to the .618 fib/200 MA this time around possible that level will hold and the correction won’t be as deep, but we’ll see.
評論: As predicted price hit blue line and dropped nicely. Seems like we could bounce again here to test the blue line again/pink line but still expecting it to go lower after:
評論: Perhaps that's all we get? If bitcoin takes off here alt ratios could take a nice hit.
we have some bullish divergence on rsi

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btc_joe ecc81281
@ecc81281, yup...already had a nice pop. Probably more to come but again not expecting it to last.
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Something I'm looking at. Price has closed in daily cloud which usually leads to testing the opposite edge. Also sitting right below resistance from both Tenkan and Kijun lines. Beginnings of a falling wedge forming as well.

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I think this could happen if only BTC starts to rally again. I don't see LTC/BTC decline with BTC going down simply because there are lots of people waiting to buy now and they rather buy something cheap and trustworthy.
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Looks like a possible vicious BTC spike in the works....agree with your view
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@hsadik, interesting...I was thinking a big drop haha. Suppose the ratio could go down in either scenario. We'll see : )
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hsadik btc_joe
@btc_joe, anything's possible in this chop fest....just don't like being short BTC (outright or lmplied) at these levels.....
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hsadik btc_joe
@btc_joe, nice read on the BTC fall....and the spread.
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