It seems as if LTC is following the BTC cycle (3rd Cycle since it started).
Many have said in the past, that LTC seems to be ahead of the trend for BTC.
Points of observation:
On the WEEKLY chart : LTC is heading towards a major resistance, the 21 EMA while sitting above the 0.786 retracement.
On the DAILY chart; LTC is heading towards the 200 EMA (resistance).
Like BTC, the MACRO formation resembles BTC in terms of BEARMARKET, followed by 1st parabolic advance and moving towards stage 2, another minor parabolic advance.
(refer to my previous posts about the BTC macro trend).
I also have it as per the chart, that we moving away from the downward channel, represented by a break in the trend line, and moving into the upward channel with a clear line of the botton support of a macro symmetric triangle.
Note the fib.circle (red ring) breached which was a major resistance.
And how confluence occurs at key fib. retracement levels.
Thoughts:
I envision, like BTC that LTC will try to hit the ATH for this year but will fail.
We will need to see when an open and close daily candle passes the daily 200 EMA.
If it passes it this month, then I see LTC making another attempt at the top ($140) price or less.
If it passes it later in December, then I see $101 being the target before the accumulation phase as per the charts.
These are my initial thoughts and I will see which of the 2 scenarios eventuate, to make the decision to go long.
Obviously I will compare with the BTC pairing chart, before I go long, otherwise continue to short.
Please give us a thumbs up\a like for sharing.
Cheers,
S.Sari\CryptoProspa
DAILY chart (coinbase)
WEEKLY chart (coinbase)
Many have said in the past, that LTC seems to be ahead of the trend for BTC.
Points of observation:
On the WEEKLY chart : LTC is heading towards a major resistance, the 21 EMA while sitting above the 0.786 retracement.
On the DAILY chart; LTC is heading towards the 200 EMA (resistance).
Like BTC, the MACRO formation resembles BTC in terms of BEARMARKET, followed by 1st parabolic advance and moving towards stage 2, another minor parabolic advance.
(refer to my previous posts about the BTC macro trend).
I also have it as per the chart, that we moving away from the downward channel, represented by a break in the trend line, and moving into the upward channel with a clear line of the botton support of a macro symmetric triangle.
Note the fib.circle (red ring) breached which was a major resistance.
And how confluence occurs at key fib. retracement levels.
Thoughts:
I envision, like BTC that LTC will try to hit the ATH for this year but will fail.
We will need to see when an open and close daily candle passes the daily 200 EMA.
If it passes it this month, then I see LTC making another attempt at the top ($140) price or less.
If it passes it later in December, then I see $101 being the target before the accumulation phase as per the charts.
These are my initial thoughts and I will see which of the 2 scenarios eventuate, to make the decision to go long.
Obviously I will compare with the BTC pairing chart, before I go long, otherwise continue to short.
Please give us a thumbs up\a like for sharing.
Cheers,
S.Sari\CryptoProspa
DAILY chart (coinbase)
WEEKLY chart (coinbase)
Comment:
I believe the bottom is in for ETH, Weekly chart resembles BTC in its early days.
Discord: TradeToProspa
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
