GeorgeChart

GeorgeChart

As hoped, last weekend we avoided breaking below the double bottom line (110 range) and saw a significant bounce to the top of the 2 month downchannel which was in the 135 range at the time. We cleared the down channel and are currently seeing consolidation at the previous support line (Dark Red Line at 137) which is now a resistance line. If we see a drop, the...

GeorgeChart Updated 

If you read my last TA, we did see the bounce over the weekend, but we didn't quite drop to the double bottom line (in red) before the bounce to the 121 level. On Monday morning the bears took over and sold us back down to the 112-114 level, and consolidation has resumed forming another bear flag. We've got some critical points of interest this week. If we drop...

GeorgeChart

Using the 1 hr. charts, we may have an opportunity to trade LTC this weekend. Over the past week we saw a major bounce from a double bottom which was BELOW the downchannel (in pink). My guess is the double bottom was in part due to the Litepay fail on March 26 along with ensuing FUD..and of course BTC. After the bounce to 135 level, another drop to the lower...

GeorgeChart Updated 

,It's been an ugly week in the crypto world. On Monday, there were hopes that we were at the bottom of a large symmetrical triangle at 146 which is scheduled to culminate around April 15th. It dropped below the triangle to 138, and that brought the downtrend channel (Pink Lines) back into play as indicator for the week. We saw a "death cross" where the 200 EMA...

GeorgeChart

In our last TA, we were going into the weekend with a Head and Shoulders look, but it was uncertain whether it was going to be a short term H&S or a long term H&S. We didn't hit the mark for the bottom of the inverse right shoulder (around 153), but we did hit the mark for the top of H&S right shoulder (164 range) and the Sunday/Monday drop happened. Again, in...

GeorgeChart

Looking at the 1 hr charts, it appears the next 8 days may be the most critical point we've seen in 5 months. We've continued in a downchannel since ATH in late December. If you look at the Large Symetrical triangle which coverges on April 15th, you can see that many indicators come into play over the next week. From Feb 12-15th, there was a breakthrough of the...

GeorgeChart Updated 

It looks like we're going to have a Head & Shoulders weekend in Litecoin. As usual, we've seen some solid dips and bounces over the past week, and if traded right, some nice profits have been made. Today I'm using the 1 hr chart to show the pattern formation. This one's kind of crazy, because it could go one way or the other. Last weekend, we saw a solid dip...

GeorgeChart Updated 

As we've continued in the downtrend channel, Litecoin has been like clockwork. Dips and bounces along the way. I took the liberty of marking time stamps during US business hours to see if any trends within trends would show up. Black lines represent 8 am EST and Orange lines represent 5 PM PST. Interestingly, during most weeks and weekends we see a dip and a...

GeorgeChart Updated 

As we head into the weekend, have a gut feeling that we'll see some nice gains on Friday. Earlier in the week, discussed pivot point when we were in the middle of the downtrend channel (Pink Lines). It ended up retracing near the bottom around 150 mark. Today, we are sitting around 161, and on Monday 8 am (Black Vertical Line)EST the US market took over in the...

GeorgeChart

During last Thursday's TA I had mentioned that we were at a pivotal point. The appearance of an inverse Head & Shoulders was formed, but we were also at the top of the "new" downtrend channel (pink lines) from post Litecoin cash upswing. In that TA, mentioned that we would need to clear $189 to confirm breakout...and that didn't happen. Also mentioned that...if...

GeorgeChart Updated 

Last week we saw some substantial dips and bounces with Litecoin. Towards the latter part of the week I mentioned there was a potential inverse Head & Shoulders pattern forming on the 4 hr, and it completed on Sunday. (See the small inverse Head & Shoulders inside the large inverse Head & Shoulders). In earlier TA, I failed to show the "new" downtrend channel...

GeorgeChart Updated 

Well the Mt Gox news appears to have had an impact on the markets this week. After news came out Wednesday that thousands of Bitcoins have been selling off since December, and approx. 60K more are still going to be sold...we saw a steep drop which appears to have bottomed out around 165 on Thursday night. On today's TA, we're looking at a potential Friday run. ...

GeorgeChart

It's been an interesting 2 weeks with Litecoin, and it feels like the chart patterns have been influenced by news. On February 14th, we broke out of a looooong correction trend (dark blue lines) after meeting 3 lines of resistance (dark red lines). After the breakout, we saw what appeared to be a bull flag formation. The price rose out of the bull flag on Feb...

GeorgeChart

For those of you who HODL'ed your Litecoin bags since the ATH in late December, it looks like there's a chance your patience and resilience will pay off. Looking at the 4 hr charts over a 3 month period, you can see we rode down a long and winding road with several large swings along the way. Smart traders who bought during the double dips around 105 made out...

GeorgeChart

It's been a difficult journey for crypto market over the past month, and we are still in the correction trend. For traders, the opportunities for huge gains have been presented as we've continued to drop past support lines and bounce back. Over the past couple of days, LTC was sold down to the low 100's, and this was around the bottom of the early Dec ATH run. ...

GeorgeChart

If you follow LTC, or any cryptocurrencies...it's been a rough month. It's hard to believe so much can transgress over such a short amount of time. Looking at the charts, just about every level of support has been broken through during the correction. For the past week there's been accumulation in the 174-184 range. The trend line broke this morning, and we...

GeorgeChart

Excuse the messy chart. It is what it is. Seeing an overall correction in the crypto market, and LTC is no exception. Time to zoom out to the 3 month chart because we broke below the Dec 21st 0 Fib line. Now we need to consider the early Dec ATH Fib. The .786 line is in the 165 range. Also, a triangle has formed, and hopefully trading will stay in the...

GeorgeChart

After a significant downtrend from post New Year's bull run, it appears LTC is trying to break out. Earlier in the week, we saw a breakout from the downtrend to the .382 Fib line. Unfortunately, the S. Korea news killed the momentum. She's been holding on the support from post New Year's 0 fib, and the traders have done well in the 220-240 window. FWIW, last...