LitecoinUpdated Litecoin Is Not Your Savior (Yet)
Keep in mind LTCUSD currently sits at #5 and its market cap (12.3B) is nearly half that of the next coin up (BCHUSD @23.4B). It’s had a nice run the last few days, but is still very much susceptible to the ups and downs of the lead coins BTCUSD and ETHUSD
With that said, it’s still in a position of strength. RSI is not red-lining, volume is healthy and the tech roadmap looks good.
There are four possible paths in the near term:
1. Lead coins hold steady, break the bears soon, so Litecoin trades sideways until the others catch up.
2. Lead coins take longer to break their down trends, in which case we revisit the $185 support level before continuing on.
3. Lead coins are unable to break through their respective downward trend lines, thus dragging us down with it, to the $165–170 levels.
4. Unforeseen bearish headlines pull us under the previous down trend to the low $100’s
I’m personally leaning on #2 but I’m not confident enough to put my money where my mouth is. It’s a wait-and-see game for now.
NOTES: The grey dotted line is the previous downward trend line. The blue dotted line is the long term, hi-lo median trend line.
With that said, it’s still in a position of strength. RSI is not red-lining, volume is healthy and the tech roadmap looks good.
There are four possible paths in the near term:
1. Lead coins hold steady, break the bears soon, so Litecoin trades sideways until the others catch up.
2. Lead coins take longer to break their down trends, in which case we revisit the $185 support level before continuing on.
3. Lead coins are unable to break through their respective downward trend lines, thus dragging us down with it, to the $165–170 levels.
4. Unforeseen bearish headlines pull us under the previous down trend to the low $100’s
I’m personally leaning on #2 but I’m not confident enough to put my money where my mouth is. It’s a wait-and-see game for now.
NOTES: The grey dotted line is the previous downward trend line. The blue dotted line is the long term, hi-lo median trend line.
Note
This is definitive evidence of the market's devout optimism. There have been some bull-friendly headlines, which contributes to LTC strength, in what remains a bear crypto market overall. This is also despite LitePay's delay.Don't trade the farm for Bitcoin's little brother just yet. BTC and ETH still have a difficult road ahead to break their respective bear patterns. But take this as a good sign the bulls might be coming over the horizon sometime in the next few weeks.
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