Fractal complete, so we are looking for a retrace. Some preliminary targets are painted in in purple, and invalidation in red. This is a suspected, and non confirmed pivot, so a bit of an aggressive strategy to call a drop now. But, hey, I don't care, because I am confident enough. Good luck, traders - and remember nothing I ever say is financial advice.
After doing some maths from 2014 chart, looking at monthly and weekly Bollinger Bands and MACD (see previous post), looking at weekly 200MA line, and calculating a 123% extension of Wave 5, I can see a clear real bottom at around 2.6k. You can call me crazy or whatever you have in your mind, but it’s very possible that it goes to this point.
I have to point out...
Litecoin gave a low probability breakout. Still early days yet. This is typical at a bottom. Price is finding resistance at the 100 day MA and volume is still relatively low.
LTC formed diamond which usually indicate price reversal. If however diamond break upward, which is the case with our formation, there is a big potential that price will rise proportionally to length of price movement from bottom to diamond. Volume underneath diamond suggest that we are dealing wit congestion - accumulation phase and price rise is almost...
LTC/USD has broken out of daily cloud.
Techs support higher.
Momentum studies are bullish and MADC has moved into positive territory.
ADX is above 25 levels and rising and we see +ve DMI dominance.
Good to go long on dips, SL: 220, TP: 270/300.
While higher highs and higher lows are in tact you can buy in buy zone to maximise positive gains.
This one's a HODL for me so no target in sight. Stoploss is at channel support or when lower high and lower lower happens.
