Bitcoin Forum

Dear All,

this is our first litecoin technical analysis.
LTCUSD seems to have completed a 5 wave rally to the 5.9 $ high two weeks ago. The decline back to almost 1$ seems to be only a corrective a-b-c wave. Also, the rise from that low looks impulsive and a rally above 4.5 $ will likely confirm that.
Short term, most likely is a rally to about 5 $.

http://i40.tinypic.com/33bmjwg.png


Your S3052

5$ before MTGox - 25$-80$ long-term

Famous Eurovision Song:

Euphoria - Litecoin till the end of time,
              It will be just the best in time,
              It's price goes up, up, up, up, uuuup!


 8)

looks like a triangle is developing , again with the most likely outcome of a heavy LITECOIN rally :-)

Sorry for a n00b question, but what does "rally" stands for in this case?

$5 looks good but the problem for LTC is right now its is positively PEGGED to BTC.

When it hits Gox, it will break out of this hyper-dependency on the BTC price and I agree, $10-20 is possible, not more than that unless BTC goes crazy and pulls the whole crypto-economy up with it.

this is quite possible

as many already know, litcoins are now traded on bitfinex which could also help making it grow

Looks like the push higher has initiated.  Let's see if it can push to $5 like you say.  ;D

Litecoin prices and Litecoin charts alert:

http://bit.ly/qJDsYw (http://bit.ly/qJDsYw)

Not sure what happened to this thread, but technical analysis of the majors such as BTC/USD and LTC/USD is becoming increasingly useful in determining trading strategy.  I hope that OP returns as I found his analysis quite interesting.

It looks like LTC/USD has just broken down out of the short term converging triangle and is now looking to find support lower.  I see minor support at the $22-23 range and strong support at the bottom of the descending channel.  If that is hit in the next couple days, we could see close to $10.  Should probably consider the trend line from the 17th - 25th of November which could strengthen the support at the $22-23 range as we could recover from there.  

Short term trend is down.  Long term trend UP!

http://i39.tinypic.com/2ahy80m.jpg

EDIT:  Not sure if its the great China firewall here or just the forum that no longer allows me to see images in posts, so here is a link to the chart.

http://i39.tinypic.com/2ahy80m.jpg

I actually hold a short position with partial T/P at $23 which would be a good time to start adding to the buys.  When it finally breaks through the top of that channel, we're gonna see fireworks!  ;D ;D ;D

With the break down to the $22-23 range, some excellent scalping opportunities have presented themselves.  Support is holding well so far in this region for the moment which derived from the 7th - 9th of December's range, coupled with the trend from the 17th - 25th of November.  There is a good chance we may see LTC/USD correct from here to the top of the channel and target the $29 -30 range.

If a break below $22 is confirmed, expect a free fall with no support until below $10.  Fundamentals may win over in this range however and could help protect LTC/USD.

EDIT:  I'm on the move and cannot post a chart, however my last chart from the 13th will still apply at this time.

Congrats on a nice trade.  Your T/P was just hit.

Thanks.  It looks like it has confirmed the break below 22.  I've got buys set up all the way down to $8.  We'll see how the next week shapes up.