LTC
tradingview
03/21/2019
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Possibility of spike from nowhere...



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My view on LTC USD. Currently developing the 4th wave

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It's safe to say the wedge was not real, because with a real wedge, we should see much more immediate reaction when supports break. This doesn't mean it can't drop of course. During the weekend it bounced up quite well after Bitcoin' made that first drop to 3920. But volumes are decreasing for LTC', which shows there is not enough interest at the current price. On the right we can see a channel, which seems to be legit and at the moment it is hanging above the support. So even with Bitcoin' making a small bounce up, LTC' did not really follow, suggesting it is very likely to see a break of that channel on the downside. Only thing than could stop that, is if BTC' invalidates it's bear flag with a break of 3930ish. Bigger picture, on the left i have kept that blue line there since it is still following that path. LTC' has made a bit rally the past months, so it would be nothing more than normal to see it make a decent correction to see if there are buyers willing to get in again. The 52/54 support zone, i mentioned several times the past weeks, should hold. Below that zone i won't know where it can stop. A drop towards the 40 would also be possible. Short term, think that small channel within the blue one is something to follow. A break up would not be enough for the bulls, needs to break that red zone as well around 60. That green support around 58 has given a bounce several time now the past 2 weeks, so if that one breaks, we should see at least a small dump. Mid-term, i think only a big strong and high volume break of the 62/63 zone could stop a bigger correction towards the 52. Otherwise it will probably just be a matter of time until we make a move down. Expatriation on Bitmex is at the end of this week, so it's likely to see nothing special happen until then. Previous analysis: https://www.tradingview.com/chart/LTCUSD/wyHucuMQ-Litecoin-Bearish-Wedge-or-is-it-a-Trap/

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A few days ago I published an idea talking about the LTC retracement taking place, the days are passing and the price is going further in my direction. The retest of the channel is inevitable if the price wants to continue inside of it, so I consider this correction a very healthy movement. But could really LTC go towards $80? Absolutely, in my opinion April could be mad, a mini bull rally like the ones of those days back in 2017. The thing is that it wont last much and if finally it happens will be a huge bull trap for many. The upward channel is intact, the sentiment on LTC is quite strong at the moment, in my EW count, there is one more wave 5 left and I think that Bitcoin will sideways for a while now, the perfect ingredients for a super pump but let´s see, unless someone lend me a crystal ball I´ll have to keep monitoring the markets, and so far this scenario needs to be probed first with a good support around $52-$55. As always I´ll keep updating you, thanks for watching.

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