Litecoin appears to be nearing the end of a bullish non-limiting triangle, however, this pattern still remains unconfirmed and could potentially break in either direction, but the upside seems a lot more likely based on momentum and also the general bullishness of cryptocurrency at the moment with BTC nearing all time high again.
Also since this is a non-limiting triangle the potential targets are fairly high, and I suspect that Litecoin is in a similar position as BTC was in around mid 2016, which means Litecoin could potentially be preparing to break 55 USD and make a new all time high over the next year if this triangle confirms the continuation of the bull trend. However, IF this does end up breaking down it will be a good idea to short Litecoin into the ground because the failure of this pattern could easily mean Litecoin goes under 1 USD.
Either way, its a good idea to keep an eye on this triangle to see what happens because it will likely set up a very profitable trade in either direction. I suspect that it is going to break up but my suspicions could be wrong and this could break down, so it's good to be prepared to profit from both directions.
"A good traveler has no fixed plans, and is not intent on arriving." -Lao Tzu
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I just want to add the alternate count that I am looking at, if this were to actually break down, we still need to finish forming wave e so we will likely get another leg up that will break the b-d trendline (on the bullish triangle) but won't break over 6 USD. We could then stall for several months before finally breaking down out of the triangle and heading under 1 USD. Both counts are definitely possible until either one is confirmed by breaking the highest/lowest price attained by the triangle.
Looks like we are forming a nice deep crab on LTCBTC. If this support holds then we could definitely start seeing some really bullish price action on LTC that rivals BTC's recent price action, if this support fails then LTC will likely be much less bullish than BTC, at least in the intermediate term.
Stage 1 confirmation of a break up on LTC happening now. If this continues to stage 2, ie. breaking over 6-7 USD, then we will confirm the non-limiting triangle which will likely mean that we are going to head over ATH within the next year. It is possible that this still fails from here per my alternate count so it is a good idea to keep a close eye on it until stage 2 is confirmed. After that it will be a good idea to trail a loose stop loss and let this run for awhile, while closing on any major retracements and pick up more at lower prices.
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LTCBTC also had a strong bounce off of support so we could definitely see some major bullish action beginning on LTC very soon.
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Litecoin has now hit Stage 2 confirmation of the non-limiting triangle. This means that the triangle is definitely confirmed from here and over the next year we will very likely continue past all-time-high. The ride to a new all-time-high will likely be bumpy but we probably won't retrace very much from here.
This looks like a great trade setup either way. Thanks!
ltc-joe
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Great chart, thanks. Any updates? Also, why was your other chart removed (ltc/btc)?
UnknownUnicorn788630
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How soon is "soon"? Seems to be the only coin NOT mooning. if ETF gets rejected, which is very likely, LTC might crash into oblivion.
Intuit
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@MonocoleDundee, Well it is up like 7% since I published this chart so it is kind of moving, bitcoin is up about the same over the same period of time. I'm not sure what you're expecting. I said ATH could take a year, and we'll probably break out of the triangle soon, which actually has already happened with the first stage, and this is a weekly chart so it could take a few more weeks before we get stage 2 break up and then the bull run will be confirmed (if we get stage 2). Or this could still potentially break down still per the alternate count, it was never really a confirmed bull run but its much more likely to continue breaking up from here, you just have to be patient and see which way the market decides to start trending, but right now most signs are pointing up. It is a weekly chart so it can move very slowly sometimes but it will eventually start accelerating as it breaks up more.
Intuit
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@MonocoleDundee, Also if the news is negative, regarding either the ETF or PBOC (or both) then it is possible that we fall back into the triangle and retest support at 3.4 USD, and if that fails then we may fall out of the bottom of the triangle from here. I think that that particular news will probably have a much greater affect on BTC, though, because the ETF is only regarding BTC and hasn't had a huge affect on the price of LTC, and most Chinese people are only using BTC to skirt Chinese capital controls and, again, that has not had much of an affect on the price of LTC over the last year.