Neutral case on this one; Not really sure where it will go.
Targets are approaching OTE on the upside but honestly, after the pump and dump they rarely ever recover past even the 38.2%. I think that is less likely than a slow bleed down, even if BTC rallies. If a rally to 0.017 happens and holds the support trendline, a breakout has the potential to return to 50% retrace... Would be surprising and encouraging to see as it would probably coincide to a strong BTC pump as well.
Consolidation is strong right now, bbands are very tight. Very nice pennant forming. Will be interesting to see how this one resolves. OBV may paint breakdown before it resolves; especially if it grinds for days before capitulating. Going up is less clear and probably will be even more choppy.
Follow the volume and hope it isn't a fakeout.
The only problem with continued volatility is that there is not a healthy\unhealthy change in the ecosystem... things are very calm, very stable, and not much is happening. Volumes are low, so there aren't many people to FOMO buy or panic sell. I wonder if that fact will keep it range-bound... We'll see. Also fundamentals in lowered supply due to LTC halving. That would help the bull case in slowly accumulating support toward a breakout above 0.0175.
Targets are approaching OTE on the upside but honestly, after the pump and dump they rarely ever recover past even the 38.2%. I think that is less likely than a slow bleed down, even if BTC rallies. If a rally to 0.017 happens and holds the support trendline, a breakout has the potential to return to 50% retrace... Would be surprising and encouraging to see as it would probably coincide to a strong BTC pump as well.
Consolidation is strong right now, bbands are very tight. Very nice pennant forming. Will be interesting to see how this one resolves. OBV may paint breakdown before it resolves; especially if it grinds for days before capitulating. Going up is less clear and probably will be even more choppy.
Follow the volume and hope it isn't a fakeout.
The only problem with continued volatility is that there is not a healthy\unhealthy change in the ecosystem... things are very calm, very stable, and not much is happening. Volumes are low, so there aren't many people to FOMO buy or panic sell. I wonder if that fact will keep it range-bound... We'll see. Also fundamentals in lowered supply due to LTC halving. That would help the bull case in slowly accumulating support toward a breakout above 0.0175.
Kommentar:
Update to this chart... Lower lows than 0.011 don't seem likely in the immediate future. LTCBTC being pushed down by Bitcoin rally that LTC wants no part of. I see the 200DMA providing good support for us... so we'll see how far this bear flag breakdown goes. Breaking 0.011 will lead to continuation and my original targets getting hit.
Kommentar:
First target hit. 2nd target still reasonably plausible; we'll see how LTC continues to go sideways while bitcoin appreciates in price. Bitcoin double top from July peak currently, but no signs of stopping or sellers stepping up.
LTCBTC channel still running through, I could see a bottom at the bottom of this channel around my 2nd target level.
LTCBTC channel still running through, I could see a bottom at the bottom of this channel around my 2nd target level.
Kommentar:
Ding ding ding, 2nd target hit.
Time to start buying LTC as long as BTC stays above $300\315.
Time to start buying LTC as long as BTC stays above $300\315.
