Litecoin is currently in the process of building support. The break of the first fan confirmed support at 250. Break of the second fan will confirm support at 275, and will likely allow LTC to break resistance at 375-380 to continue moving up to new ATHs. Expect a surge in volume around 375-380 (current resistance). As long as 275 holds during our period in the new fan, LTC will continue moving up. Future is looking very bright for LTC, in 2018 Litecoin is easily going to break 2,000 (and probably even go higher).
I think the move we had earlier to 275.01 was our dip, if that is the case we should not visit 275.01 again! Either way more sideways action = greater and more stable upward action. Patience!
As usual ignore the FUD. Charlie is boss!
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This is why I think LTC will reach 2,000; there is more evidence but this is the most straight forward answer.
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Stoch RSI is ready for more sideways, and upward moves on the day chart.
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OBV still trending up.
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So far 2 bull quarters, 1 bear quarter, and we are currently in a bull quarter likely followed by another bull quarter. Patience!
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Fans are also almost complete.
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Litecoin is taking it's time in the fans. I think we should break through them by January 9th. Patience.
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After a healthy consolidation period. LTC is set up to break the fan!
Any thoughts on the next few days, do we retest 200 again?
i_am_noone
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@sweeedfish, I think we keep going up. We had almost a 66% retracement from the top just like last ATH. Except this time it was faster.
burg28
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Hey Mert, have you any analysis for LTC for the near future?
sweeedfish
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I foresee LTC being dragged down by the other crypto's, even with the big gains today from the Lite pay announcement, obviously BTC being the one it seems to follow. What are your thoughts? Just thinking about gaining more LTC from a dip.
i_am_noone
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@sweeedfish, LTC bottomed out when BTC bottomed out. The LTCUSD 3 day chart is point up for now. I really don't see LTC being dragged down by other cryptos; only from BTC.
sweeedfish
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@MertB,
Do you think BTC goes below the low the other day?
babyserral
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when bottom tho
i_am_noone
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@Foumec, probably 130 area. But I am still long b/c the gains would be fucked over by the gainz tax. xd. :) I will have a new idea out at some point soon. Think of this time has the market giving people who don't believe time to leave before it recovers. This stretch is so whales, and wall st can get their orders filled.
The week chart says we need 1-2 weeks of suppressed trading before full bull mode again. :D
burg28
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Hey Mert, just wondered what your thoughts were on the current drop?
i_am_noone
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@burg28, All part of the plan! Once we tap that 100 day moving average on the day chart trend should reverse.