If you don't know already bitcoin has completed a continuation diamond on the weekly and in terms of scale, most of the cryptos followed it and have their own pops but not every crypto expressed price action of the same kinds of percentages at the least. What I have seen similar to XRP before it exploded a couple of days ago is that LTC seems like it's having an accumulation before a strong move. A squeeze if you will which is a very common term in trading. Now in this case I think it could be harmonic. I don't know if I can validly draw the common or even uncommon bullish or bearish harmonic patterns we know in love but what I can say is that LTC has been creating a mirror of price action for many weeks now. It also seems that we are on the last leg of this structure in theory... which should be creating a little chicken wing if you will to the right, a small triangle or wedge to complete this and we should be seeing strong moves up or down. I have set some possible targets based on what I call structural interruptions. I usually measure like this when dealing with bear or bull flags or diamonds but I can't ignore the possible bus stops we could get due to the slowdowns of price action even after a volume well appears on the left of the structure. If it copies what's left to it 1:1, we should go up and people will consider the weekly a double bottom. If we aren't pretty sure anything that's $60 or below is a buy zone but the $60 dollar mark is like the other extreme of a range where there should be (or not, do you boo) Short orders with stop losses. In fact, my TD Sequential indicator shows exactly where it can land for a possible buy-in marked in blue at its max potential to the downside. That would be roughly $45. Anyway, that's it :)
Comment:
It just occurred to me that as the right chicken wing of the harmonic is maturing more or less as expected? (Noting the fact that it turned more angled to the upside but so far shape wise is what I figured it could turn out to be.) I noticed that assuming it turns into a kind of confirmed triangle, hopefully valid on the daily in due time, I realized that, if it does confirm it, It's basically a possible bull flag (assuming it goes up, I don't know yet.) The Pole would be pretty obvious to identify and looking at my measurements aligns decently with what a bull scenario would look like, despite the premise of the whole post in terms of the upside. We still have a squeeze as a it happening here just from the looking at the structure as it is and we can mark some possible pit stops and price action slow downs on 3-4 ranges or volume wells under the current price. What I'm saying is, in theory there is much less hurdles structurally to the upside then the down side... but Don't underestimate any crypto wanting to go straight to see the titanic.
Comment:
Nothing super important to point out but, one of the Targets have been reached in terms of what the measurements were, more importantly the obvious resistance anyone could have pointed out. It seems that we are having some sell offs from hitting said resistance. For some of you on hope-ium for a larger play, at this point in the structure you are now at the mercy of the market if they want to go higher or not. As far as I know, you can play the long game but this harmonic is complete, anything else is extra sauce. Happy Trading