I hope Santa treated everyone well for the holidays. It’s been a while since I’ve shared some TA, I thought it might be good to check out a dark horse which has been showing some signs of life and a bit of buzz lately. Dino-Coin everyone loves to hate – Litecoin.
On the LTF (1D) Point and Figure, the formation is currently printing a reaccumulation pattern, with strong support consolidating around the $97 handle after printing a Shakeout Spring pattern to the $87 handle in Phase B, a subsequent test of that support at the $97 handle, and a Jump Across the Creek (JAC) in Phase C.
The horizontal price count suggests a potential near-term move to the $140 from a Sign of Strength (SOS), with the potential to cap out the Buying Climax (BC) at the $170 handle.
Given Bitcoin PA appears to be in Phase E of a distribution pattern targeting the $87,000 handle, it’s possible the $87 handle would be tested during this Bitcoin distribution cycle.
Should Litecoin break support at the $97 handle and successfully retest support at the $87 handle, the horizontal price count in this scenario suggests a potential near-term move to the $129 from a Sign of Strength (SOS), with the potential to cap out the Buying Climax (BC) at the $170 handle.
A break below $86 would show a Change of Character from accumulation to distribution, which would invalidate the formation.
Always remember this is not trading advice.
Outside of that, Happy Trading.
On the LTF (1D) Point and Figure, the formation is currently printing a reaccumulation pattern, with strong support consolidating around the $97 handle after printing a Shakeout Spring pattern to the $87 handle in Phase B, a subsequent test of that support at the $97 handle, and a Jump Across the Creek (JAC) in Phase C.
The horizontal price count suggests a potential near-term move to the $140 from a Sign of Strength (SOS), with the potential to cap out the Buying Climax (BC) at the $170 handle.
Given Bitcoin PA appears to be in Phase E of a distribution pattern targeting the $87,000 handle, it’s possible the $87 handle would be tested during this Bitcoin distribution cycle.
Should Litecoin break support at the $97 handle and successfully retest support at the $87 handle, the horizontal price count in this scenario suggests a potential near-term move to the $129 from a Sign of Strength (SOS), with the potential to cap out the Buying Climax (BC) at the $170 handle.
A break below $86 would show a Change of Character from accumulation to distribution, which would invalidate the formation.
Always remember this is not trading advice.
Outside of that, Happy Trading.
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