After several hours looking into why I didn't see the Litecoin pump, I came to the conclusion I was looking at the wrong charts. LTCBTC -4.69% are not really that important anymore (and those were the ones I was looking at). The important chart is really LTCCNY -3.35% , considering China is exploding in volume and the Technical Analysis trend is quite easy to predict there. Check out the rising channel here. It looks hyper bullish .
Right now there are two options. It either continues to go up and reaches a resistance in the upper line of the ascending broadening wedge , or it goes down and bounces to then continue going up.
There is a smaller chance that it ends up breaking down to 235 CNY 2.50% .
LTC! After hitting its All Time High of approximately 50 USD on 19 June 2017, the LTC/USD pair corrected to the 32-33 USD range. Once the Crypto market returned to bullish , LTC 2.45% responded in force. As I type this the pair has skyrocketed to its major trend resistance level (orange line) of approximately 53 USD.
The consensus within the Crypto community is that LTC 2.45% has a bright future, so let's look at some upcoming buy opportunities.
Fibonacci Retracement
Generally, bull trends will retrace to the 0.5 to 0.618 Fib area after a big surge. The last LTC/USD surge retraced well into this area on 26-27 June 2017, moving from its All Time High of approximately 50 USD to a correction level at approximately 32-33 USD. Drawing a Fib retracement (pink box) on our most recent surge, we can look at the next 0.5 to 0.618 Fib area as a good area to buy.
Support = Resistance Level
This pair seems to be forming a support=resistance level at approximately 41.565 USD (red line).
When To Buy
Combining our support=resistance level with the 0.5 to 0.618 Fib retracement area, I think a good "Buy Zone" (blue box) would be from approximately 41 to 45 USD. Look for bullish price action when the trend hits this zone for a buy opportunity, and play the long game. LTC 2.45% will be a major player in the years to come.
