LTC Descending Wave 5 (Heading Near Zero BTC Value)

BITFINEX:LTCBTC   Litecoin / Bitcoin
Dilihat 1095 kali
1095 7
The data does not look good for LTC. I would strongly reconsider holding this asset over the next six months in your portfolio.
Komen: My view remains unchanged. LTC is now heading toward max fibo support. After that there is support at 0.010000 BTC. From there its game over...
Komen: All you Litecoin'ers! Pay attention to this chart.
Komen: Litecoin investors please pay attention to this chart :S
Komen: Wahoooo!
Komen: Touched support at 0.010000 BTC. We should watch to see if we bounce or breach this level as this will reflect in the LTCUSD pair.
Komen: We've hit the support zone here, which will give some stability in the LTCUSD chart..
Komen: The big question now is whether or not the H&S will activate...hmmm
Komen: We kissed the top of the descending channel. A decision has to made here; breakout or breakdown?
Komen: Let's take a closer look here:

Entering and breaking through the key fibo box could lead to a break of the major key fibo! That would activate the gigantic head and shoulders :( There is a trendline there, though, so that adds support.
Lets watch what happens here:

IF we get a bounce from the fibo levels or the trendline we may have a nice buy opportunity. :)
Komen: Uptrend line is broken

USD view:
Komen: Head and Shoulders activated! Here's a closer look again. Fibo extensions provide short-term support for the market.

USD view: we are at the major uptrend line. A break will unlock selling!
Komen: Why would you bother trading LTC??
Komen: Uptrend broken

Down to max consolidation range?
Komen: Nice countercyclical bounce! Is it over now?
Komen: Yep...its over now....
Sorry for being stupid, but: What is over? The downtrend?
Agency CryptoLino
@CryptoLino, No, the short upward movement is over. Downtrend resumes.
@Agency, that´s what I wanted to read... thanks for fast response...! :)
Agency CryptoLino
thats an awfully long and drawn out prediction .... what makes you so sure of something like this happening ?
+1 Balas
Agency arai02r6
@arai02r6, chart data + method. This would be invalidated if we break to the upside of the purple line, or break out of the descending channel. :)
+1 Balas
i consider the current circumstance of ltc to be much more bullish with the continued adoption of btc with the implementation of lightning network. However, it may also bolster the price of btc to a point that it is smarter to accumulate more btc than ltc
+1 Balas
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