PNUTTY

LITECOIN flag breakout forming, but fate tied to Bitcoin

BITSTAMP:LTCUSD   Litecoin / Dollar
- Has been forming a flag since the 17th Dec 17
- Recent surge followed Bitcoin .
- A breakout downward could see Litecoin reach towards $100.

Litecoin continues to follow Bitcoin's steps with the 6th Jan 18 surge up from $243 to $303 happening around the same time as Bitcoin's short recovery. It's also moving sideways forming a flag shape with a possible breakout in a few days from now.

But look at the height of that flag...About $375 to $175 from the top to the bottom. A breakout downward could mean seeing Litecoin aiming back below $100, though $150 and $100 should show support. But a breakout upwards? We then run into a strange situation. A breakout upward may see any new all time high limited by Bitcoin as Bitcoin approaches the 20k barrier (unless of course it breaks through it). For Bitcoin , the ceiling isn't far away and the bottom is a very long drop. For Litecoin, there's no nearby established ceiling yet but the current price isn't that far from the bottom.

As I place my entry at around $270 from a breakout upwards and $230 for a downward breakout, I then look over at Bitcoin and wonder whether a breakout would trigger any TP I set. The last head and shoulders on Bitcoin saw the price touch upward trend support line 3 times. With the past two heads and shoulders taking 8 to 10 days each and with Litecoin approaching the flag tip sooner, I'm thinking that rather than breaking out we might see it travel sideways (forming a rectangle ) until Bitcoin finds direction.

Buying Litecoin in the 100's would sure be a plus and something I'd hodl for a while. Should Litecoin progress back up in the 300s, it's still not that pricey. Might play it patient with this one.

And now for the disclaimer!
** This information is for educational purposes only and not intended for advice on trading **
What exactly is the relation ship between Bitcoin and Litecoin? Litecoin goes up people sell to Bitcoin or what? I don't really see it.
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