LitecoinUpdated LTC/USD: Lead Up to B2X Fork
Litecoin is trading in a bearish channel during BTC's pump impending the upcoming B2X fork. LTC/USD price has been holding relatively consistent, but generally trading at the mid-lower end of the channel. Should BTC performance continue until the fork, LTC is expected to continue trading in this bearish channel. RSI bouncing against recently establish slight bearish trend. Downward bounce against current RSI trend would expect LTC/USD price decrease to lower end of current trading channel.
Given the current trend, LTC is expected to be priced between $47.50 and $52.50 at the time of the B2X fork. Performance after the fork is hard to predict, but my personal sentiments lend a bullish recovery for LTC after the B2X fork.
Recommendations:
• Hold current position until time of B2X fork, potential long opportunity beyond Nov 16th.
• Buy LTC at ~$50.50 for upside realized post-fork.
Given the current trend, LTC is expected to be priced between $47.50 and $52.50 at the time of the B2X fork. Performance after the fork is hard to predict, but my personal sentiments lend a bullish recovery for LTC after the B2X fork.
Recommendations:
• Hold current position until time of B2X fork, potential long opportunity beyond Nov 16th.
• Buy LTC at ~$50.50 for upside realized post-fork.
Note
VTC/BTC Attempting to break upward, out of the recent bearish channel. Slowly working its way up to the bullish channel. Seeing resistance between 50-52k Satoshis, support near 48-49k Satoshis.If VTC/BTC breaks 54k Satoshis, strong buying opportunity will be present.
Note
Whoops, wrong chart! LTC Still trading bearish!Note
Today, LTC is seeing a break out of the recent trading channel. Price has broken out of the upper bounds of the channel, MACD is currently bullish, and RSI has breached the recent downtrend. This price action is being seen as a result of the recent dip in BTC, and an improvement in the LTC/BTC ratio this morning.While this break upward is likely temporary, if BTC continues to rise impeding the B2X fork, there is the possibility that this could signal a break out of the bearish channel for LTC. The RSI is showing that LTC is approaching overbought territory, but some support off of the RSI's recent downward trend was found earlier. If LTC can maintain these gains, and the RSI finds bottom support at the recent RSI trendline, relief from bearish motion may be seen.
Failure to maintain the gains, under the assumption that BTC continues its upward motion until the time of the fork, would anticipate continued trading in the recent bearish channel. If BTC breaches below the $6900 support, then I believe a sustainable LTC breakout may be seen.
If LTC's upward breakout is maintainable, then a new bullish trading channel may be established. Look for support near ~$55.50, and resistance near ~$60.00 to confirm the new trading channel.
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