Huge Potential on this LTC/BTC Push - The Moby Dick of 2018?
Updated
This is something I picked up on with Litecoin on Binance a while ago.
There seems to be a predictable pattern to the way that LTC/BTC Wedges for anywhere between 50-100 days before massive gains.
The Chart speaks for itself but allow me to go into detail on some of the key points of this analysis.
1. THIS IS NOT FINANCIAL ADVISE BUT MY OWN ANALYSIS THAT I AM ACTING ON. IM NOT A FINANCIAL ADVISOR... yaddy yada ya....
2. Lets look first at September 2017 - December 2017 (During the BTC rush before the correction). We see a huge gain of 131.20% over the course of about 4 days on Litecoin that was caused by a 96 day wedge that finally broke above. Following that we can see that at this point litecoin accumulated laterally for 49 days, however this time around when ltc/btc broke above the wedge, we don't see the crazy volatility that we saw in December, which could likely be due to an overbought market, the ongoing bitcoin correction to 6k, or the huge bearish divergence that began forming in January 2018 (my bets are on all of the above).
As a result, this puts us at our current state from early February till now where we have seen a bearish decline to 0.016641 over the past 76D.
3. The RSI is currently at the exact same level when that first push of 131.20% gains happened. This could be a coincidence, however with a similar style of increase in volume, and extension (well not exact volume, but the fact that they both increased slightly in volume on that final wave is the same), its probably safe to assume that at the very least we should see another push.
To close this all off, this is my own hopeful brain that just so happens to have its hopes reinforced by TA, and the current shift we are currently seeing in the market - where the Alt market is coming back to life and BTC has finally stopped being an absolute piece of shit, and is now just a tiny piece of shit that seems to be recovering.
NOTE: If anyone knows what the deal on that HUGE dip on Binance in December of 2017 is, let me know. It looks like something went wrong or other, but I dont really know.The Close on that 2D candle was 0.000133 which seems a bit unbelievable to have a rally of 9290.55%. Let me know.
Thanks for reading.
If you think this has some merit to it then like it for more exposure - otherwise just fuck off and go stare at ICX and Cardano.
<3
There seems to be a predictable pattern to the way that LTC/BTC Wedges for anywhere between 50-100 days before massive gains.
The Chart speaks for itself but allow me to go into detail on some of the key points of this analysis.
1. THIS IS NOT FINANCIAL ADVISE BUT MY OWN ANALYSIS THAT I AM ACTING ON. IM NOT A FINANCIAL ADVISOR... yaddy yada ya....
2. Lets look first at September 2017 - December 2017 (During the BTC rush before the correction). We see a huge gain of 131.20% over the course of about 4 days on Litecoin that was caused by a 96 day wedge that finally broke above. Following that we can see that at this point litecoin accumulated laterally for 49 days, however this time around when ltc/btc broke above the wedge, we don't see the crazy volatility that we saw in December, which could likely be due to an overbought market, the ongoing bitcoin correction to 6k, or the huge bearish divergence that began forming in January 2018 (my bets are on all of the above).
As a result, this puts us at our current state from early February till now where we have seen a bearish decline to 0.016641 over the past 76D.
3. The RSI is currently at the exact same level when that first push of 131.20% gains happened. This could be a coincidence, however with a similar style of increase in volume, and extension (well not exact volume, but the fact that they both increased slightly in volume on that final wave is the same), its probably safe to assume that at the very least we should see another push.
To close this all off, this is my own hopeful brain that just so happens to have its hopes reinforced by TA, and the current shift we are currently seeing in the market - where the Alt market is coming back to life and BTC has finally stopped being an absolute piece of shit, and is now just a tiny piece of shit that seems to be recovering.
NOTE: If anyone knows what the deal on that HUGE dip on Binance in December of 2017 is, let me know. It looks like something went wrong or other, but I dont really know.The Close on that 2D candle was 0.000133 which seems a bit unbelievable to have a rally of 9290.55%. Let me know.
Thanks for reading.
If you think this has some merit to it then like it for more exposure - otherwise just fuck off and go stare at ICX and Cardano.
<3
Note
One of the things I forgot to include in my chart was the volume indicator (it cluttered up my chart and it was hard to read the comments and TA within the chart).If you look at the daily chart for LTC, you'll see that LTC is a momentum builder, where it will over the course of the days before the breakout it will collect more and more volume before the surge and breakout.
The same thing is happening right now if you go and look. Earlier today there was a 5500 LTC bid wall put up at 0.017150 where the whale waited for about 40% of his to fill before pulling his wall. When he pulled that wall, price went down to 0.017110 which is imo very bullish. Thats roughly between 880K-900K$ (or 94 BTC), and for such a small effect it had on this market, is an indication that whales are accumulating at these highs for the breakout - same as in the past.
I personally will be scaling in and out of LTC at each resistance and buying the dips when I'm able to. If this goes according to plan, this trade could be my best trade of 2018.
I'll continue to update as Litecoin moves and we continue to break these resistances, and if you don't want to buy yet for fear of catching a falling knife thats ok. Im expecting LTC to dip hard when it reaches the point of 0.0175 BTC. The longer a resistance (trend line in this case) has held true and bounced, the harder it is to break.
I'll keep you posted!
Trade active
f you haven't jumped on the opportunity to pick-up some LTC yet, this dip due to BTC/USD offers a great chance to. I believe BTC will reach 10k today, so 0.016-0.0165 should be the buy zone
Trade active
At this current level, we can so far honestly say that this trade is 100% on track to break this wedge - which considering the price action of BTC the last few days, is no small feat.
Historically, breaks of these wedges have seen HUGE upside.
If you have positions in this trade, I'll continue to update this thread if I feel that the price is going according to plan or not.
Trade active
We've had a rough go of things with most alts over the past few days, due to the BTC correction to 9100-9200$. During that dip, LTC did dip a bit, but not a lot in comparison to other coins (Like ICX and ADA you people that were supposed to fuck off).
As a general sentiment, I believe strongly that this trade is about to continue its bullishness for a few reasons (as per the hourly chart):
1) Our OBV (On Balance Volume) has been going up despite these RSI and MACD dips, which to me tells a story of a correction where money and individuals aren't leaving the market, but likely buying and selling these dips (like I am).
2) MACD is about to cross its axis of 0 and go up, confirming a bullish push to the upside, and most importantly, our RSI has just passed 50 and then dipped and bounced off the 50 again, proving that we're about to see healthy potential upside (for how long depends on BTC before another correction.
I'll admit I'm a bit less bullish on this right now, and would have closed this trade had it not been for our volume staying very high, and for the remainder of this time I plan on buying these dips and only holding to the upside as long as BTC stays above 9200. Any dips below that, and I'll pull all my LTC and watch for the OBV to dip and whether our price action declines. This is still to be determined, and my bets are still on a bullish push to at least 0.020000.
Thanks,
Trade active
I'm still considering this trade active, but I do that with a sad heart. BTC crashed another party on LTC, and we've fallen back to the middle of our wedge structure.
The reason I still have hope for this trade, however, is due to the Non-confirmation of a bear trend that we are seeing on the 4H On-Balance-Volume, and the rising momentum/volume.
We're also running along a symmetrical broadening wedge on the 15min which is a bullish trend, but I don't see us breaking above it anytime soon until BTC consolidates above 10k.
I hate BTC. It's like telling time by ignoring your digital watch, and instead sticking a stick in the ground and judging the time based on the direction of its shadow.
It's outdated and nothing would bring me more joy then a market of full USDT pairings and a value of 0 for BTC (it will never happen).
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