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LTC Likely just hit bottom

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Friends, lets take a look back to 2016, before the infamous 2017 bull run began. We can see a lot of similarities when we zoom out and look at a 2 week chart to what we are currently experiencing.

Pay attention to the Stoch RSI, we saw a test of a similar ascending triangle before a pullback and consolidation for about 9 months!

I am not saying we will have to wait 9 months, but it does appear to be a similar pullback and rejection. We do currently have a long-term ascending triangle support we are "sitting" on. I will be keen on watching this support as well as the green support which spans back from 2015. If these are broken, I will personally not be bullish on LTCs future.

A potential target around $4000 can be found from the ascending triangle width which started in late 2017 after the market topped and bottomed out in late 2018.

Good luck to all, I will be updating this as things go along with your support.

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From a short term perspective, here are the supports I am watching. We can definitely see $67 or $69 come. Does that mean it will definitely happen, no but it is on the table and would not effect the long-term view of Litecoin as long as it holds. My advice in times like these are to get out and enjoy your life. You can worry and check on your crypto as much as you would like but where we may see consolidation for approximately 9 months and be within this range, that is exhausting!

This is not investment or trading advice. Do your own due diligence and trade responsibly.

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watching a potential incoming drop to $70

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LTC Showing strength but we are now testing resistance. Breakout of a bottoming ascending triangle with the possibility to consolidate in a larger ascending triangle if we do not break through the red resistance line here.

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In the short term, we are in a descending triangle consolidating after that last leg up.

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looking for a break of $85.33 to avoid further consolidation at these levels.

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Friends, thank you for the support on this idea. Unfortunately, we are having a tough time getting above the 200 MA on an 8hr right now. Volatility should be coming in the next day or so as the 200 MA moves closer to the 50 MA. A potential bearish cross is incoming unless LTC can gain some legs and move up. $68-$70 is still on the table in the short term if we can't gain traction. Longer term, this idea is still very much in tact. I am personally expecting some chop for the next 1-2 months before the real bullish moves begin.

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Friends, the bearish cross of the MA's has passed and we are currently on a leg of support around $80. Nothing exciting to really report on here, we either hold and start the rebound up or we break and revisit the $70 support. Longterm, we are still looking good.

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Hi Friends, since my last post we have held the support. Our next challenge is to get over the red resistance line at around $82.90. Failure to do so will likely see another test of the support around $80 which would put a head in shoulders move down in play (shown in white). Things have been boring on the charts but are still playing out as expected!

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LTC put a nice candle in yesterday and is currently sitting on some support around $88.56. We need to see this hold but with the market moving north, LTC should follow suit and we should see a nice climb shortly. LTC BTC ratio is currently also sitting on support which leads me to believe it should have larger percentage gains than BTC in this next bull run.

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LTC/BTC chart

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LTC has been rejected and was unable to breakout. It appears to be forming an ascending triangle with targets of $66 for a break of support or $110 for a break of resistance.

I would imagine if LTC were to break down, $66 would be a fairly quick liquidation wick and close the candle still inside the larger overall formation.

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LTC looking very bullish going into this week. I'd expect to reach out $111 short term target by the end of June at the latest.

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We are getting confluence through the RSI and stochastic RSI that things seem to be turning bullish. On the RSI, you can see it landed perfectly on the support of the triangle breakout it formed previously. On the stochastic RSI you can see a bullish cross is imminent and trying to occur. Once we revisit the short term high of the $110 area, the fun will begin to see if we can break it and continue towards the ATH.

Keep in mind, a timeframe for contesting the all time high is very scattered. It is very possible and not as probable to hover in the $90-$115 range through Summer. Longterm however, things are VERY bullish. Patience should pay dividends on LTC.

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Despite the panic and small crash we saw yesterday, things are still VERY bullish for LTC right now. Looking at this updated 2W chart with the indicators, you can see the Stoch RSI has 8 days left and can put in a bullish cross. The RSI is sitting on some support, and it's 2nd touch of support at that. The price is sitting nicely above the 50 MA, getting support as well. Please be sure to support this thread with a boost to keep the updates coming.

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On a shorter term, I'm currently tracking this consolidation in this triangle to look for a breakout. We have two supports below us (green) to get a bounce on and stay inside our longterm range. Even if one support gets through, I'll be looking for a reversal in the coming weeks. The resistances above (red) need to be broken to get this run underway.

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I have redrawn our support line how it stands. This is still a bullish scenario. As i've been saying, patience is key! I was thankful to get some nice accumulation at that drop to up my holdings. Trade safe my friends!