LTC - possible end of the downtrend in August
Litecoin has been downtrending for a long time now, similar to Bitcoin.
Moving in a descending triangle pricewise and also on the daily RSI.
The daily MACD is also moving in a well respected triangle
These patterns should reach their ends by the end of August, if not even before that.
The direction will depend heavily on BTC but they are nevertheless very bullish patterns.
My trade setup:
Buy: ~76
SL: Below 69
If LTC falls below the white support line and BTC is also pointing down (a break of 6800 - 0.618 fib would confirm further downtrend)
then I´ll probably be looking to go long again at the peak of the descending triangle.
Note: Alts have suffered heavily and are bottoming out so a new alt cycle would be needed
if some people would want alts to actually survive.
Also there is a correlation between BTC dominance (48.2% right now) and alt cycles.
The chart below shows when alts started to run heavily again.
imgur.com/a/yT1G93s
Moving in a descending triangle pricewise and also on the daily RSI.
The daily MACD is also moving in a well respected triangle
These patterns should reach their ends by the end of August, if not even before that.
The direction will depend heavily on BTC but they are nevertheless very bullish patterns.
My trade setup:
Buy: ~76
SL: Below 69
If LTC falls below the white support line and BTC is also pointing down (a break of 6800 - 0.618 fib would confirm further downtrend)
then I´ll probably be looking to go long again at the peak of the descending triangle.
Note: Alts have suffered heavily and are bottoming out so a new alt cycle would be needed
if some people would want alts to actually survive.
Also there is a correlation between BTC dominance (48.2% right now) and alt cycles.
The chart below shows when alts started to run heavily again.
imgur.com/a/yT1G93s
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