TECHNICAL ANALYSIS:
- Litecoin is following Bitcoin closely so any big moves up or down by Bitcoin will affect Litecoin's price action
- The time frame for this analysis is 2-3 days, between now and July 23
- Based on the impulse move up that recently happened, a correction was likely to take place
- Targeting between the .618 and .5 fib level brings the correction target between $82.00-$83.00
- This also coincides with previous price action, now support
- The 200 day EMA on the 1 hr chart
- The 55 day EMA on the 4 hr chart
- A Bull Flag/Wedge pattern has formed
- Targeting $100-$105 for the next move upwards
- The target is acquired by taking the length of the original move up forming the flag pole before the the bull flag/wedge making the breakout move proportionate to it
- This also coincides with a strong resistance at the $100 level, which comes from both previous price action and a heavy psychological barrier
- A whole body green candle on the 30min or 1 hour chart closing above $85.15 (or point E) will signal/confirm the breakout to $100-$105
- Stop loss at $77.50-$78.50
INVESTOR NOTES:
To be clear, these notes are from the perspective of a day/swing trader. The notes above are not applicable to long term investors. Corrective price action and intermediate spikes in this market are of little or no consequence to anyone holding for long term for larger percentage gains.
- If you are an investor for the long term, all of these prices are great buy zones
- Buying at $6800, $7400, or even $8000 is of little or no consequence when you believe the price of Bitcoin will one day be $50,000 and beyond. The same goes for buying Litecoin at $80, $90, or $100 when you believe the value of Litecoin will one day be $1500, $2000, or even $5000.
- Good investors will accumulate over time, constantly cost averaging their positions, with confidence that current market prices do not represent the true value of the asset in the long long term (anywhere from 6months - 4 years)
- Bitcoin and Cryptocurrencies are still in its infancy as an asset, with only a few hundred billion in its total market cap - as compared to the trillions in the majority of all other asset classes
- Patience is key
- I am a long term BULL
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- LITECOIN: MNwqCX6HoU6MeU9SRwNakT3iHEkfrig2YB
- BITCOIN: 3MwvZ6Q7R7dtSR8P1o5bb3oz4hegwtSuiR
- BINANCE: 0xcaf1e0cd3de21a7d27497a95f8196f74a073ad76
- ETHEREUM: 0x4c8d59799E6EF1faE64Bc40D1668B77DD8d5e9Ed
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LEGAL DISCLAIMER:
I am not a financial advisor, nor is this post intended to be financial advise. I encourage you to do your own research before investing, or trading, any coin, token, stock, or security. This blog is intended for me to document my own personal analysis, charts, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to learn how to trade and invest, see my previous post - LINK.