Good morning traders, last week I brought you the LTC to 250 breakout and the LTC to 291 charts, both of those charts were within $1.90 accuracy. At this point, I have exited LTC and currently sitting on the sidelines. With BTC downtrending we should see a further downside to LTC as it has broken the uptrend channel.
Key Notes:
Look for a bounce at the highlighted green areas, the top zone is already breaking down, however we could see a bounce off the long term downtrend line. All of this could change at a moments notice so if this chart receives 15 likes I will continue to update it throughout the day.
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It's important to note that we may see a bounce at the current support levels because we are currently extremely oversold, LTC will then need to re-fight to get back into the previous uptrend, I would wait for multiple hour closes before re-purchasing, trade with caution.
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Had a hard spring off 0.5 fib, current down trend is now well defined. Look for a break above the new downtrend line, otherwise look for another buy opportunity @ the 0.5 fib or the lower level of 0.618. We should start seeing more candles closing lower which will make at the very least a spring test of the 210-220 zone likely as we just saw with the 0.5 fib level.
I believe both BTC and LTC will be seeing more correction in the next 6-12 hours, the depth of the BTC correction will obviously have an impact on LTC and I will update as the situation develops.
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Both BTC and LTC (go figure) are currently looking at possible Gartley formations on the Day chart, if we manage to break above 263.50 for the day this should be invalidated. I'm personally observing closely, and if we manage to break 263.50 we have a good opportunity to go back to the mid 270's.
If the Gartley formation turns out to be true, we can be seeing a possible opportunity to rebuy back in the mid 180's. As usual, we're extremely tied to the hip with BTC, so chances are if BTC's Gartley forms, ours will as well.
I am currently not in the market, and will be watching closely over the next day to see how this plays out.
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The titanic is going down, and unfortunately we're a life raft tied to it. Look for entries from 180-232, sorry I can't be more specific, but it all depends on where BTC goes, and whether or not the head and shoulders that is forming is validated or not.
Thank you, I still have my LTC current price is $241 shall I exit now and re-buy when your predicted dip down to $210 happens or just wait? I head there are some LTC announcements to come which may affect price, however currently it is so intrinsically linked to BTC, LTC reacts as a result of BTC movement.
ant187
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@JLuter, That's entirely up to you, if it breaks 263ish I'll most likely be re-buying, but obviously how the market looks at that time will affect that decision. Otherwise, it's looking like we'll keep going down or sideways.
MrAlexanderM
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@ant187, @JLuter, January 11th LTC is supposed to be one of 7 crypto's coming to Japanese market.
notorious_ggg
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Thank you for you detailed work. It really does make a difference. Great job.
Interesting indeed... having quickly surpassed your "likes" quota, I (dare I say, we), will be eagerly anticipating your update / followup thoughts on this as it unfolds further.
Thanks
ant187
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@Trader247, I’m a man of my word, as soon as I see something definitive I will update, it bounced at fib support /top green zone but I’m still not convinced we’re out of danger, and I have not bought back in yet.