Perfect breakout and backtest
It seems like we are witnessing repeat of what happened in January 2018 - LTC is about to go parabolic during this altseason.
1. BTC is making lower lows (also in bullish falling wedge formation, bullish divergence on 4h, oversold on daily for the first time since March 2020 - I believe we will see a bounce very soon, the lowest I think it can go is 45k which was my original idea's target posted here right before first markdown).
2. Simultaneously altcoins including LTC are making higher lows.
3. Multiple altcoins including LTC (also BCH, ETH) broke out of downwards consolidation that in some cases lasted multiple years on their BTC pair.
4. BTC.D looks to be headed further down after small bounce at 51% support. This could go as low as 30%.
I believe BTC will see a relief rally soon and possibly recapture 60k range. This could last the entire month of May. During that time altcoins will soar to new heights exactly like they did during the bounce in 2018.
In case of LTC this is especially beautiful - it caught a reaction on high volume in a value area on this LTCBTC chart, broke out of a falling wedge and now successfully backtested it for support on daily timescale. We are looking at textbook break hook and go here and all that needs to happen for it to take off to new all time high is BTC catching that relief rally we just discussed. I strongly believe we are only days away from seeing that and that the ensuing rally will leave a lot of people in disbelief.
History doesn't always repeat itself but charts don't lie.
1. BTC is making lower lows (also in bullish falling wedge formation, bullish divergence on 4h, oversold on daily for the first time since March 2020 - I believe we will see a bounce very soon, the lowest I think it can go is 45k which was my original idea's target posted here right before first markdown).
2. Simultaneously altcoins including LTC are making higher lows.
3. Multiple altcoins including LTC (also BCH, ETH) broke out of downwards consolidation that in some cases lasted multiple years on their BTC pair.
4. BTC.D looks to be headed further down after small bounce at 51% support. This could go as low as 30%.
I believe BTC will see a relief rally soon and possibly recapture 60k range. This could last the entire month of May. During that time altcoins will soar to new heights exactly like they did during the bounce in 2018.
In case of LTC this is especially beautiful - it caught a reaction on high volume in a value area on this LTCBTC chart, broke out of a falling wedge and now successfully backtested it for support on daily timescale. We are looking at textbook break hook and go here and all that needs to happen for it to take off to new all time high is BTC catching that relief rally we just discussed. I strongly believe we are only days away from seeing that and that the ensuing rally will leave a lot of people in disbelief.
History doesn't always repeat itself but charts don't lie.
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