Short Term Objective Analysis
So far this dip isn't terribly concerning to me. I'll outline bearish and bullish things I see, and let the market decide. Just know that I am long term bullish, and bearish comments are only short sighted, I don't yet have concern for Litecoin to reverse to a multi year bear market yet. It will be interesting to see what bigger names do, Litecoin has not been a price leader during the last few weeks which admittedly is disappointing, but that can always change. The Litecoin adoption is right there alongside with Bitcoin and Ethereum.
Bearish:
-I drew this long ascending trend line a long time ago. So far it has held well in this bull market. But that is beneath current prices, so we may retest it. (~270) That for me would feel painful, but I'm still long term bullish, and may throw some extra cash in if we dip that low.
-MACD printed a bearish cross which over the last few weeks has meant that we drop down and retest the 50D EMA
Bullish:
-We are moving beautifully with the 21d EMA right now. We closed above it 2 days in a row now after this decent drop, which looks bullish to me.
-We crossed the ATH recently. If all large cap coins can more than 2x their last ATH, Litecoin will likely follow. It just needs its sweet, sweet time apparently.
-RSI is in more neutral territory, so given the trends of the last few weeks it hasn't dipped to oversold on the daily, which to me looks bullish. It's just cooling off right now after a huge run up to $413.
-The trendline is still holding as I stated above, and the trend is our friend until it isn't. There's strong confluence as we test these areas with the 50D EMA as they align pretty closely. If we drop significantly below I'd probably change my long term outlook on LTC, but for right now I'm holding, and potentially going to add more to this position. So much unrealized potential here.
As always, this is not financial advice. Add this to your own research, you are responsible for making your own investment decisions. Don't listen to guys like me or Elon Musk when it comes how you should invest.
Bearish:
-I drew this long ascending trend line a long time ago. So far it has held well in this bull market. But that is beneath current prices, so we may retest it. (~270) That for me would feel painful, but I'm still long term bullish, and may throw some extra cash in if we dip that low.
-MACD printed a bearish cross which over the last few weeks has meant that we drop down and retest the 50D EMA
Bullish:
-We are moving beautifully with the 21d EMA right now. We closed above it 2 days in a row now after this decent drop, which looks bullish to me.
-We crossed the ATH recently. If all large cap coins can more than 2x their last ATH, Litecoin will likely follow. It just needs its sweet, sweet time apparently.
-RSI is in more neutral territory, so given the trends of the last few weeks it hasn't dipped to oversold on the daily, which to me looks bullish. It's just cooling off right now after a huge run up to $413.
-The trendline is still holding as I stated above, and the trend is our friend until it isn't. There's strong confluence as we test these areas with the 50D EMA as they align pretty closely. If we drop significantly below I'd probably change my long term outlook on LTC, but for right now I'm holding, and potentially going to add more to this position. So much unrealized potential here.
As always, this is not financial advice. Add this to your own research, you are responsible for making your own investment decisions. Don't listen to guys like me or Elon Musk when it comes how you should invest.
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