LTC UPDATE: 10.10.19: ALTCOIN OVERVIEW
Updated
Hello all and welcome to this detailed update for LTC!
Leave a like and comment if you find value in this!
Before I do get into this analysis I would like to mention one thing. That is the definition of YEHOK. It is ancient Mayan and means to speak or say.
So speak up ! Speak out!
Your opinion holds more weight than you think! Share your thoughts! We have one life to live so get to it!
In a previous post aimed towards the Alternate coins I believed the bottom to have already been in. Clearly I was mistaken and price has gone even lower. I specifically mentioned LTC would not get to $50 and the market proved me completely incorrect. This space is very humbling and we must always remember that anything can and will happen.
Let us start by looking at the larger time frame on the 1M
We could have an inverted hammer marked here by the arrow at the end of this downtrend with a doji/spinning top forming as well. If LTC can end the month like this we should see a reversal for November - assuming the reversal does not happen this month.
1 W chart
MACD has shown us less negative momentum on the recent low point indicative to a reversal. The RSI is on a crucial support level with price falling in a wedge formation. The movements here are a general idea of where we might end up based on retrace values. Each move will take time and consist of its own rises and falls.
The 1D chart shows us a consolidation period at the support line of this falling wedge attempting to rise and test the resistance. This will perhaps be the most important factor moving ahead here. This resistance will need to flip as support if the wedge target is to be met.
Now looking at the shorter time frames.
On the 4H we were tracking a rising triangle pattern that had a bear trap towards the apex. Price broke to the upside and is now attempting bullish consolidation before reaching the ultimate target just over the 200 EMA. If price can get over and turn it as support, it will be on its way up and out of this macro wedge pattern that has been falling for months now.
The 1H chart shows much more detail to the price action and potentially a hidden bullish divergence with the recent drop in price from $60. If price fails to hold the current value, further breakdown will most likely be seen.
Please feel free to share your ideas with me!
Don't forget to hit the like button!
This is only my opinion and should not be taken as trade advice!
Leave a like and comment if you find value in this!
Before I do get into this analysis I would like to mention one thing. That is the definition of YEHOK. It is ancient Mayan and means to speak or say.
So speak up ! Speak out!
Your opinion holds more weight than you think! Share your thoughts! We have one life to live so get to it!
In a previous post aimed towards the Alternate coins I believed the bottom to have already been in. Clearly I was mistaken and price has gone even lower. I specifically mentioned LTC would not get to $50 and the market proved me completely incorrect. This space is very humbling and we must always remember that anything can and will happen.
Let us start by looking at the larger time frame on the 1M
We could have an inverted hammer marked here by the arrow at the end of this downtrend with a doji/spinning top forming as well. If LTC can end the month like this we should see a reversal for November - assuming the reversal does not happen this month.
1 W chart
MACD has shown us less negative momentum on the recent low point indicative to a reversal. The RSI is on a crucial support level with price falling in a wedge formation. The movements here are a general idea of where we might end up based on retrace values. Each move will take time and consist of its own rises and falls.
The 1D chart shows us a consolidation period at the support line of this falling wedge attempting to rise and test the resistance. This will perhaps be the most important factor moving ahead here. This resistance will need to flip as support if the wedge target is to be met.
Now looking at the shorter time frames.
On the 4H we were tracking a rising triangle pattern that had a bear trap towards the apex. Price broke to the upside and is now attempting bullish consolidation before reaching the ultimate target just over the 200 EMA. If price can get over and turn it as support, it will be on its way up and out of this macro wedge pattern that has been falling for months now.
The 1H chart shows much more detail to the price action and potentially a hidden bullish divergence with the recent drop in price from $60. If price fails to hold the current value, further breakdown will most likely be seen.
Please feel free to share your ideas with me!
Don't forget to hit the like button!
This is only my opinion and should not be taken as trade advice!
Note
Bullish divergence on the 1H
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