Updated

LTC - medium term

This is just a draft of an idea ... take it with a grain of salt since it is a long shot. We might be in a bull flag formation with a low around mid February, anything between $70-$100 based on what I see now. I will keep an eye on it for a while and update / close it if necessary

Note

Watch out for this event coming at 11am EST - in less than 3 hours:
"Weiss Announces First Bitcoin and Cryptocurrency Grades by U.S. Rating Agency"
weissratings.com/

Note

It seems LTC will skip the C point and might be heading directly to the target area. By the way it looks like now, it is about to form an inverted cup and handle formation in a down-trend. I expect a 30%-ish rebound to around $160 levels then a continuation towards the original targets.

Note

Never mind the cup and handle, we are already at the higher level of our target area; since this is 2 weeks earlier than expected, we can see the down channel broken, with the RSI going into the oversold area ... meaning we will have a very strong bounce up. From what exact level, very difficult to say but if I am not mistaken, the market depth shows a lot of buy orders at $100. Good luck all

Note

This trade was a major hit: who entered the lows of 102, now is looking at 50% profits already. What we might have here, short term, is a 12345 EW impulse, with the levels of the previous swings. The end of the cycle might be around $160-ish, where we have major resistance.

Note

Just perfect ... target reached for the short term update @165

Note

This is how the daily looks like:

As you can see, RSI is in bearish territory but didn`t reach oversold area yet; ADX still shows rising downtrend and the volume doesn`t look good either. So let`s watch for a "dead cat bounce" at this level that might just send the price all the way down to our initial targets of $70-$100

Note

A few days later, we might be looking at a bearish bat in a down trend formation on the 4h chart. If that`s the case, I expect a high around $180-ish levels followed by a continuation of the down trend to the target area

Note

Very nice rally on the 4h charts ... almost there at the 180-ish level.

Note

4 days later, with a very elongated formation, target reached @182. Let`s see if the rally continues some more, even though on the 4h it shows some exhaustion

Note

And the picture:

Haceru

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Haceru