A quick analysis on the history of the 200d EMA. I'll have to zoom out to show what I mean entirely so get your reading glasses on.
Basically, I see that last time we had a significant bear market it ended with LTC rushing up and smashing through the 200d EMA, then settling in a pretty boring range for quite some time. Even Charlie Lee said he could foresee a multi-year bear market, we're only 1 year in this one.
Anywas... back then, it broke the 200d EMA at roughly 2.50, and shot up above 9 bucks. In what looks to be a very similar market bottom, we are now at the point where we have tested the 200d EMA for the third time in the last few daily candles. I wholeheartedly expect to see 100$ soon, but then a sharp drop back down into the 50s-80s for a looooong time before seeing any ATHs again. (That prediction is solely my own speculation based on this chart that I made recently and is looking like it will hold up:
)
We have broken out from the long bearish downtrend channel thingy. Now we are bullishly pushing through the EMA on strong volume. The fact that LTC has tried it a third time says it wants more for now. The volume says it will get what it wants. In June 2015 however, we did not test it as many times as we have now, there is more turbulence this time around. But back then the market conditions were widely different. Fewer people traded LTC for example.
With all this said, past results do not indicate the future performance of any market. So as always friends, exercise caution. I am in it for the long game, but I may consider taking profits if my target is reached in the way I project here for obvious reasons.
Basically, I see that last time we had a significant bear market it ended with LTC rushing up and smashing through the 200d EMA, then settling in a pretty boring range for quite some time. Even Charlie Lee said he could foresee a multi-year bear market, we're only 1 year in this one.
Anywas... back then, it broke the 200d EMA at roughly 2.50, and shot up above 9 bucks. In what looks to be a very similar market bottom, we are now at the point where we have tested the 200d EMA for the third time in the last few daily candles. I wholeheartedly expect to see 100$ soon, but then a sharp drop back down into the 50s-80s for a looooong time before seeing any ATHs again. (That prediction is solely my own speculation based on this chart that I made recently and is looking like it will hold up:
We have broken out from the long bearish downtrend channel thingy. Now we are bullishly pushing through the EMA on strong volume. The fact that LTC has tried it a third time says it wants more for now. The volume says it will get what it wants. In June 2015 however, we did not test it as many times as we have now, there is more turbulence this time around. But back then the market conditions were widely different. Fewer people traded LTC for example.
With all this said, past results do not indicate the future performance of any market. So as always friends, exercise caution. I am in it for the long game, but I may consider taking profits if my target is reached in the way I project here for obvious reasons.
Comment:
Well on our way! Things looking nicely as LTC moves bigly!
Comment:
WHOOPS I WAS RIGHT