LTC/USD might lag a bit here if bitcoin breaks out.
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Price consolidating here in what is most likely a bear flag. If it does happen to break up, look for a test of former support (to make it resistance) before going lower.
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First target hit. Still think we are going lower, probably to the second target.
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Segwit2x futures going live on bitfinex. Seems clear S2X is indeed going to happen. IMO while some may mistakenly take this as bad for ltc (another competitor is the logic I guess?) this is best news ltc has gotten since segwit. Throughout the potential chaos and confusion litecoin will be the stable rock to transact in. Further, the market will likely initially overvalue S2X as it did bcash, and all that value will eventually flow to litecoin when people realize litecoin is a much more secure, stable, consistent coin which is the king of its own algorithm as compared to 3 versions of bitcoin competing for SHA-256.
NOW, that being said, the charts say what they say and its very possible it may take the market some time to realize the above. So i'll stick with my TA for now. But lets see how this unfolds, if the price can break above the 50 MA, and then the local high then its time to get bullish again. Otherwise target 2 in store. gluck
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*really would want to see it break through the start of the fall at the handle to be sure. A full retrace. Again sticking with my analysis for now though.
Wedge breaking to the top was a nice bull trap, lot's of fish got eaten there I guess...
bysteven
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Good analysis, my guess is also min 0.014, bounce there, could also go all the way down to 0.01 - we'll see.
ltc-joe
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@bysteven, I still think we are going to the second target. If we break the low of that giant wick on the daily chart from last week then yes we could test .01, but im not expecting that jsut yet. To me it looks like LTC/USD is coiling up, 12h and 1d bbands are coming in real tight for a break out, so when that happens the ratio (ltc/btc) will recover. But as long as LTC/USD lags it will continue to drop. When it does break out it will probably fast, strong, and out of nowhere. So honestly I think whenever we do break above around .125 or so (where the price broke the handle) then this downtrend is likely over. We'll see!
bysteven
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@btc_joe, there we go, 2nd target hit tonight (Europe), great call! What do you think, going greater than 0.02?