Litecoin Technical Analysis

[S3052]

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 $.




Your S3052

[wizzardTim]

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!


 

[S3052]

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

[JimmyFL]

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?

[cdog]

$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.

[S3052]

$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

[S3052]

$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

[TrinaVella]

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

[S3052]

Litecoin prices and Litecoin charts alert:

http://bit.ly/qJDsYw

[btcrich]

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!



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

[Kryptox]

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! 

[btcrich]

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.

[btcrich]

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! 

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

[Kryptox]

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! 

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.