LTC/USD - Coinbase Daily Chart - not longing just yet
Updated
LTC is a tricky one to predict. Consider that LTC has been leading the way earlier this year and not BTC. Although BTC gets the news, LTC was usually the first to move (pump) with BTC then eth/alts. LTC topped out June 22 '19 with BTC following June 26 '19.
While BTC is playing more of a traditional DOW theory thus far (and I use traditional in the loose sense here in the Crypto world) :
swinging up uptrend topped out --selling-------------------------------------> stabilizing
(Accumulation , Public Participation, Distribution , <-we are here -> Public Participation, Accumulation)
1 2 3 4 5
LTC seems to have taken a quicker ride up and down. That is why its hard to say if we are still in the early stages or latter stage of public selling (#3->4) . I would say short but if we are in the latter stages of selling... wouldn't it be worth it to wait till it we start accumulating again and go long?
I have two green lines that represent the uptrend LTC was on. The Black circles represent the head and shoulders pattern that was drawn and confirmed as they broke both uptrends. Not only that, we established a clear downtrend (red line) that has been tested twice and failed. Moving Average 20/50/200 are all above price along with the Ichi Cloud. Only thing I see as support are the support lines I drew around the 51.20 which held up for now.
Now normally (and most likely still do) I would say not to touch this because I usually want to see the price above a MA to feel safe however there is a clear channel that is happening (purple line). The falling wedge has at least 3 points where it bounced. Not only that but the RSI is in the undersold region. Perhaps for a scalp it would work but for a long hold I am skeptical.
Falling Wedge w/ undersold RSI and stabilizing MACD
vs
Price under all the Ichimoku indicators and below 20/55/200 MA as well as Bear market sentiment.
As you can tell I am not hype about longing LTC. Consider me interested if the following happens :
We fall to $39-42 region
We break my Solid Red line and retest it (must pass the retest obviously)
Until then, just let everyone else fight it out and sit back with CASH in your account.
While BTC is playing more of a traditional DOW theory thus far (and I use traditional in the loose sense here in the Crypto world) :
swinging up uptrend topped out --selling-------------------------------------> stabilizing
(Accumulation , Public Participation, Distribution , <-we are here -> Public Participation, Accumulation)
1 2 3 4 5
LTC seems to have taken a quicker ride up and down. That is why its hard to say if we are still in the early stages or latter stage of public selling (#3->4) . I would say short but if we are in the latter stages of selling... wouldn't it be worth it to wait till it we start accumulating again and go long?
I have two green lines that represent the uptrend LTC was on. The Black circles represent the head and shoulders pattern that was drawn and confirmed as they broke both uptrends. Not only that, we established a clear downtrend (red line) that has been tested twice and failed. Moving Average 20/50/200 are all above price along with the Ichi Cloud. Only thing I see as support are the support lines I drew around the 51.20 which held up for now.
Now normally (and most likely still do) I would say not to touch this because I usually want to see the price above a MA to feel safe however there is a clear channel that is happening (purple line). The falling wedge has at least 3 points where it bounced. Not only that but the RSI is in the undersold region. Perhaps for a scalp it would work but for a long hold I am skeptical.
Falling Wedge w/ undersold RSI and stabilizing MACD
vs
Price under all the Ichimoku indicators and below 20/55/200 MA as well as Bear market sentiment.
As you can tell I am not hype about longing LTC. Consider me interested if the following happens :
We fall to $39-42 region
We break my Solid Red line and retest it (must pass the retest obviously)
Until then, just let everyone else fight it out and sit back with CASH in your account.
Note
apologies .. late night RSI is oversold not undersold
MA 20/55/200 not 20/50/200
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