Litecoin Upside Still Unconfirmed September 29, 2018

Fibo Quantum

Litecoin changed little today and seems undecided after the failure to resume the minor rebound. Price moves in range on the short term, so you should wait for a valid breakout before you’ll take action again.

Litecoin will increase and could start an important upside movement if the Bitcoin will increase in the upcoming period as well. Right now you should stay away and wait for a confirmation that the rate will really give birth to an important upside movement. Please take a look on the yesterday’s Bitcoin report (https://fxdailyreport.com/bitcoin-long-setup-september-28-2018/) to understand what could happen in the upcoming period and what are the conditions for the Bitcoin to increase and force the crypto market to increase as well.

Price has retested the broken downtrend line and the now is trying to jump higher again. It has found a temporary resistance at the lower median line (lml) of the black ascending pitchfork. Technically, it is somehow expected to jump above the lower median line (lml) after the failure to reach and retest the outside sliding line (sl1) of the ascending pitchfork.

It is premature to talk about an important upside movement as long as the rate stays below the inside sliding parallel line (sl) of the ascending pitchfork. Technically, it could also increase because the rate it has failed to approach and retest the downside line of the major chart pattern.

Personally, I’ll go long only if the rate will make a valid breakout above the inside sliding line (sl) and above the first warning line (WL1) of the descending pitchfork. Price has failed to retest the broken 150% Fibonacci line, so it is somehow expected to increase.

A further increase will be invalidated by a valid breakdown below the outside sliding line (sl1) of the ascending pitchfork.