After a big drop since the last week or so, Litcoin just hit a key resistance which indicates us that the trend has changed and went from bearish to bullish. Since it's beginning in the cryptoworld, litcoin has seen a beautiful rise. There are no indicator that tells us that it's rise is finished. We know that a crypto can't go up for eternity, it has to do retracements and this flag pattern is the perfect example of one.
If you look at my other analysis I posted earlier today on NEOBTC, you can clearly see that a lot of currency that are linked in a way or others are doing a really similar pattern. This pattern is the exact same than what ethereum did when it fell from about 400$ to 200$ before going back up to his higher price ever recorded.
I think wave 5 takes us back down to retest resistance (mid 30's) in the next 2-3 weeks but I could be wrong.
CryptoFortune
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I sold at 53 today, I dont think its going to take off now. I think its going back down soon. I'm estimating tomorrow will be the main dip.
nathanozaur2
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@CryptoFortune, The only reason it dropped so low is because bitcoin fell, and since chances are bitcoin won't fall again like that because it was due to china's announcement, I seriously doubt it will drop lower than its previous lower low, it might drop a little bit when it will hit the trend, but i'm convinced it will eventually break to the uptrend and rehit his highest price recorded
CryptoFortune
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@nathanozaur2, I agree. I think its going to make its way to the high 40's again and uptrend as well. It won't be 30's at all or even lower 40s. Guaranteed.
DDIMM
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it seems that your flag doesn't have a stick..
mightytrader
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@DDIMM, Isn't a flag's stick/pole called the mast?
DDIMM
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@mightytrader, english is not my native )) so i have no idea )
mightytrader
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@DDIMM, No worries; I just learned the word and I am a native English speaker. It's sailor jargon, I believe. Which languages do you speak?
nathanozaur2
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@DDIMM, hey, you can't see it on the chart but it has one, a flag occurs when a price goes up and then retrace in a certain way, if the retracement is in a descending channel, which is the case here it is considered as a flag pattern. Now, LTCUSD is in a strong bullish trend since it's opening, which makes it its pole, and retrace in a which confirms the flag pattern