Litecoin - Triangle Broken!

Earlier today I posted this:

And my guess based on the wave I drew, was that it would go lower.

Here's what happened:

I'm quite pleased with my prediction, because it means I might be doing something right, but...

Was I Just Lucky?

You may notice that there is a whole new set of waves drawn in from before the triangle pattern? The reason I done this, is because I'm trying to make some sense of why me and @toofasteddie spotted the same triangle, but came to very different conclusions.

You can check out @toofasteddie's post here.

My man Eddie has it down as the possible start for some fresh upward momentum, where as I saw it as a bearish setup. I find that quite interesting!

I would have expected Eddie to have been right on the call, and for me to look like a novice. (Which I am!)

Maybe it was just beginner's luck?..

Where Next For Litecoin?

Based purely on a 4 hour MACD, it seems that some more downwards and/or sideways action could be on the cards:

But the MACD is a reactive indicator, so things can change!

I need to take a more long term look at Litecoin to see where things may be headed, I'll do that later - or perhaps tomorrow for sure!

Currently, we're heading higher as I type, so we could - maybe - be seeing the end of the corrective period.

Let's also have a quick look at...

Bitcoin

While the above triangle pattern was forming, there also appeared to be one forming in the BTC/USD pairing too.

Although it far less convincing a triangle as the one for Litecoin, you can see something here:

This one was also broken to the bottom, and Bitcoin fell much like Litecoin.

What I'm finding very interesting at the moment, is that BTC and LTC appear to be following each other. Something I don't remember seeing for a while now!

Where Next?

Unlike Litecoin, Bitcoin's MACD is already showing bearish:

So more downward action could follow here too!

But where do you think either one is heading? Let me know in the comments!

Thanks for viewing!

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For more awesome technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, and @maarnio

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Not investment, financial, or trading advice & purely for entertainment purposes.

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