Litecoin has been bleeding out slowly but surely ever since it reached all time highs. This correction was normal and in fact maybe even an indication of what came to be later on a major correction in BTC.
For not BTC is slowly recovering, this recovery is however not certain and the market still has to decide between a bear market or a bull market. Recent developments push my own opinion towards the latter. We do however, need more data. Only more points on the chart will tell.
We see that LTC went through an extreme correction, and if you bought anywhere between all time highs and the bottom you've been hit hard. LTC showed over a 70% retracement mirroring that which happened in BTC.
Hold in there and if you can pick some more up, we won't see LTC at these prices forever. Recent news such as possible regulatory approval of cryptocurrencies in general and Litepay will certainly push the price up. How far will we go up? Depends on if we can break through resistance which were previously supports - 200ema and a corresponding fib level.
The RSI is looking up and the MACD seems to have kissed, is this just a smack or a full on French? Only time will tell. I say LTC is going to go into an extended consolidation phase, waiting for approval from BTC for an upside.
Remember this is not financial advice and I am not a financial advisor.
Good trading and best wishes.
X
For not BTC is slowly recovering, this recovery is however not certain and the market still has to decide between a bear market or a bull market. Recent developments push my own opinion towards the latter. We do however, need more data. Only more points on the chart will tell.
We see that LTC went through an extreme correction, and if you bought anywhere between all time highs and the bottom you've been hit hard. LTC showed over a 70% retracement mirroring that which happened in BTC.
Hold in there and if you can pick some more up, we won't see LTC at these prices forever. Recent news such as possible regulatory approval of cryptocurrencies in general and Litepay will certainly push the price up. How far will we go up? Depends on if we can break through resistance which were previously supports - 200ema and a corresponding fib level.
The RSI is looking up and the MACD seems to have kissed, is this just a smack or a full on French? Only time will tell. I say LTC is going to go into an extended consolidation phase, waiting for approval from BTC for an upside.
Remember this is not financial advice and I am not a financial advisor.
Good trading and best wishes.
X
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Correction - meant 100ema.
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Watch the volume, stuffing lots and lots of stuffing, people are selling and others are buying! Litecoin will probably run into the convergence point of the downward trend and its 200 EMA where there will be a break out.
I am still long on LTC, why, look at the volume as I pointed out before. And these levels are extremely low for such a coin.
When analysing a market one should look at the news and public sentiment as well. Mass psychology is also an important factor, charts and patterns are just an emergent property of human behaviour.
What do we have so far, reddit shows us - Accepting litecoin here - more and more, dentists, tattoo parlors, various other kinds of merchants. Litepay is soon to be released, reducing cost for merchants vastly... this is not to be underestimated. The CFTC has a relatively bullish sentiment on crypto. And BTC is looking up.
I will update this idea on a break out from the down trend or at the time of convergence. At that time I will once again take a look at our indicators and market sentiment.
I am still long on LTC, why, look at the volume as I pointed out before. And these levels are extremely low for such a coin.
When analysing a market one should look at the news and public sentiment as well. Mass psychology is also an important factor, charts and patterns are just an emergent property of human behaviour.
What do we have so far, reddit shows us - Accepting litecoin here - more and more, dentists, tattoo parlors, various other kinds of merchants. Litepay is soon to be released, reducing cost for merchants vastly... this is not to be underestimated. The CFTC has a relatively bullish sentiment on crypto. And BTC is looking up.
I will update this idea on a break out from the down trend or at the time of convergence. At that time I will once again take a look at our indicators and market sentiment.
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Touching the trend line, let's keep watching.
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Looks like a failed break out. Although I might have to readjust the line.