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Litecoin Upside Still Unconfirmed 29 September 2018

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Litecoin has changed little today and seems undecided after the failure to resume the minor rebound. The price moves in short-term action, so you should wait for a valid break before acting again.

Litecoin will increase and could start an important upward movement if the Bitcoin will increase also in the next period. At this time you should stay away and wait for a confirmation that the tariff will actually generate an important upward movement. Have a look at yesterday's Bitcoin report (https://fxdailyreport.com/bitcoin-long-setup-settembre-28-2018/) to understand what could happen in the next period and what are the conditions to increase Bitcoin and also force the encrypted market to increase.

The price has retested the downtrend line and is now trying to jump higher again. He found a temporary resistance to the lower median line (lml) of the ascending black pitchfork. Technically, it is somehow expected to jump over the lower median line (lml) after failing to reach and retest the outer sliding line (sl1) of the ascending pitchfork.

It is premature to talk about an important upward movement as long as the velocity remains below the parallel line (sl) of upward sliding of the ascending pitchfork. Technically, it could also increase because the rate failed to approach and test again the descending line of the main graphical model.

Personally, I will only go long if the speed will make a valid break above the inner sliding line (sl) and above the first warning line (WL1) of the descending pitch fork. The price failed to test the broken Fibonacci line again at 150%, so it is somehow expected to increase.

A further increase will be invalidated by a break below the external sliding line (sl1) of the uphill fork.

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