This is a follow-up idea for my broadening wedge idea about LTC. I think it's coming to test this parabolic trend and I believe that test will be really important.
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Why am i seeing this pattern so often these days? :D
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It's one of the nastiest bearish setups honestly. So hard to trade. And I see its effect on retail clearly. It's tricky for the mind. Higher highs for a long time.
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It's everywhere.
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This is the thing about curves. You can adjust them. That's why you should not be sure until adjusting doesn't makes sense. Until you see you are missing many data points so it's a stretch.
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Or until you see price is losing key levels of course.
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This makes me think one last up thrust to go. Like many altcoins right now.
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We can also talk about a rising wedge. That could easily take us to the range low if it plays out. Is it gonna invalidate every bearish thing and just blow off? Let's see.
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BTC pair is not saying much but at least we have a double top. Test the big trend soon maybe.
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This thing on BTC pair is the only bullish thing about LTC. I'm not counting the parabolic uptrend because it's inside bearish setups. So making a higher high on BTC pair would be a good reason for me to close short here. Depending on dollar pair's state.
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12h lower high?
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Let's go back to good old trendline trading. Second lower high. It's not good you know.
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Wow I wasn't expecting this :D If this is a fakeout it's gonna be a textbook distribution. If it holds above the range and even invalidate the broadening wedge it'd be really interesting. It can actually change my opinion about the whole market.
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All of a sudden on a weekend :D Strength against BTC. Interesting.
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This is not retail. Someone has bought a big chunk of LTC at a premium. Do they think it's gonna go higher or they are just completing a pattern? We'll see.
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I mean imagine buying here you know. What would be the reason unless you don't know something that most people don't :D
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98.5 is the magic number for me. If it goes above it's bullish.
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Violating the upper line should be super bullish.
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But what if:
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This was the breakout on LTC/BTC. I haven't noticed it before. Honestly it's good. Very nice technical breakout. Let's see though. I still think dollar pair is more important.
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If that breaks out too, I see a potential to $130. $100 won't be a resistance.
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Looks like it's gonna be a breakout. Weird but it is what it is.
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If this is not Bitcoin's top.
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Bigger Bart and dump maybe. I'm still not convinced on the dollar pair.
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I'm still holding a short on LTC from 86.5 with no change. Since we have range right now, it's gonna be much easier to decide to do any change or just close the trade. Higher high is bullish, losing the support is bearish. Range breakdown is probably gonna be the end of the rally. I find LTC's trend important about the market. One of the reasons I'm still bearish. If it invalidates this bearishness, it's good for the market too.
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This is very important.
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LTC/BTC correction looks cool to be honest:
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4h close in the range. Yikes.
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BTC pairs looks like a secondary breakout. Intertesting. I'm looking to close my short here.
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I could be positioned better on this one by waiting for the range but I took an entry I thought that it was okay. And it was okay so far for the timeframe I'm trading. This was a disciplined position so far :D Let's hope I won't have to close.
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First daily close above the bait channel. Looks like bearish setups are invalidated here. Or about to. I put a stop loss above $105 to get out and I will wait for the weekly close if it's not triggered by then.
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Still holding the short. Stop not triggered. It still looks bad on the timeframe I'm trading. So, we'll see. I will reconsider in case of a good bottoming formation.
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Hard to believe but my stop was 105.9 :D I live another day.
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I just moved my stop above 0.5 of this. It's hard to get me :D
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Yes the price is going up but obviously this line is important. Break it and go wherever you want.
