I already updated this on my last idea, but since price action has broken below the EMAs again and retested the bottom trendline of my triangle (blue line), this outcome seems more likely to me right now. I saw a 2014 BTC and LTC correlation photo that made it look like we should see a double bottom right here to me. Also, this Head and shoulders pattern gives us a double bottom target @137. Also, there is a trendline that connects to lows from last year, and the second bottom of the 100 DB, that runs through right there at 137. a lot of arrows pointing to the 137 area all of a sudden. I will watch for a breakdown of the blue line for a possible sell signal, and a breakdown and close of a 4 hr candle below the neckline of the H&S for sell confirmation. Target 137 again. just a novice opinion, not financial advice
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triangle broke down, if 4hr candle closes below 156$, target 137$ is in play
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I noticed every time the uptrend lines (red) have been broken on the 20 and 50 EMAs, we've had a resulting nice drop. broken again. lets watch
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LTC has broken the neckline of my head and shoulders pattern.. Watch for close of 4 hr candle below the line for sell confirmation.. looking for downside target of 137..
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BOOM.
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unfortunately, we closed a 4 hr candle and are working on a second below this critical wine colored trendline. That's uber bearish, and we are caught between it and a support at 133.50 ish. if that support breaks, rapid selling could materialize, we are at a very critical juncture here.
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PHEW!!
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accidental update posted in comments section..
this hypothetical chart shown possible moves if the channel is held.. down to 112-116 and then up to 138.5.
this hypothetical chart shown possible moves if the channel is held.. down to 112-116 and then up to 138.5.
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accidentally posted in the comments section again. can't seem to get it right.. lol.
making sense, and fitting in on the chart..a bounce from the red line here @ 112-116 area could result in a test from the underside of 138, the wine colored trend line, and the top of the red channel all at the same time. I notice when lines intersect, the price likes to go there. so we wil see. failure to break there makes sense, with so many strong resistances being in the same spot, and a bounce back down potentially to test 100, if broken the next support- which coincides with the bottom red line, 88-90$.
making sense, and fitting in on the chart..a bounce from the red line here @ 112-116 area could result in a test from the underside of 138, the wine colored trend line, and the top of the red channel all at the same time. I notice when lines intersect, the price likes to go there. so we wil see. failure to break there makes sense, with so many strong resistances being in the same spot, and a bounce back down potentially to test 100, if broken the next support- which coincides with the bottom red line, 88-90$.
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upward breakout of this inverse .. @124-125 area, has a target of 138.. keep an eye on that.. have a rising support line to be watching as well
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broke the rising support.. down we go!
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www.tradingview.com/x/wYPVjabm/saw some fractals and took a stab at it based on a complete repeat, which, may or may not happen.
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my call for a bounce at 112-116 to 138 was good. I'm happy about that.
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made march 28 with pice around 140
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now watching this new falling wedge.. down to 100-105, up to 120-125. down to 85-90
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triangle on the 1 hr chart nearing breakout
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with the EMA running along the top line of the triangle, path of least resistance is down
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I'm now watching this blue downtrend line. could be an important buy signal when/if it's broken down to the upside the road.
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if/when it's broken to the upside further down the road*
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I also wonder if this can be a head and shoulders with a target of 90$ ish
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did get a little buy opportunity when price broke the blue trendline, wasn't big move. LTC building a potential inverse, these have had the tendency to start to form during these corrections and then break down, and we are nearing the red line marking the falling wedge channel, there is a lot of resistance there, I don't think LTC has the strength. More down makes the best sense, and the trend is your friend. But if price DID break through that red falling wedge line, I'll probably buy, seeing as how I've been short since 162
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on a larger scale I can see a potential head and shoulders, with confirmation below 112.50, and a target of 88$ - I have a lot of formations and trendlines giving credence to the 88$ area for a bounce worth buying. IF the thing breaks down.-- I'd actually call 110 the confirmation number, close a 4 hr candle below 110 and short to 88-90 area. then buy for a target at 100-110. just my opinion, not financial advice.
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price was rejected from the top of the falling wedge channel, I remain short as a result. If rising support line gets broken, should confirm breakdown of bear flag, and move lower towards what I think is the next major target at 85-90 area. we'll see. for now let's see if this support breaks down.
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intermediate target of bear flag is 100, but if 110 gets broken I believe 100 will also break. just based on locations of trend lines and measurements of some formations
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on a larger scale, based on measurements of formations and locations of support/trend lines, I could see an eventual bottom around 65$. but we will stay focused on what lies just ahead and be reacting to what we are seeing right now.
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Will get some good direction soon, LTC testing the top of the channel. sell rejection, buy a break.
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still battling there at the channel line, I think if price action breaks this bottom trend line, and the EMA just underneath, then we can call this a failure.
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if price action breaks the 124.50 support, then LTC will return to the 116 area