LitecoinUpdated Has LTC seen this consolidation pattern recently?
I still expect LTC to drop prior to its halving next month. But here's an interesting pattern I have observed.
Notice the 21d and 50d EMAs, particularly their behavior in the vertical blue sections, and the vertical maroon sections. In the blue periods there's rapid price growth, and the 21d rises faster than the 50 obviously. But in the maroon sections, it comes back down, as does the price and the closer the 21d gets to the 50d, the price seems to drop below, then consolidate within that gap between the 2 MAs. Interesting right? We could see a breakout soon. I'd be very worried if the 21d drops below the 50d. But we have seen similar behavior before, a breakout to the upside would be very bullish, as it would show that our trend has had no change occur to it. It just continues for some time more before cooling off.
This is a bullish observation, but there are more bearish things I could point out too. It's best to be prepared for anything that could happen. Just adding this piece to the puzzle.
Notice the 21d and 50d EMAs, particularly their behavior in the vertical blue sections, and the vertical maroon sections. In the blue periods there's rapid price growth, and the 21d rises faster than the 50 obviously. But in the maroon sections, it comes back down, as does the price and the closer the 21d gets to the 50d, the price seems to drop below, then consolidate within that gap between the 2 MAs. Interesting right? We could see a breakout soon. I'd be very worried if the 21d drops below the 50d. But we have seen similar behavior before, a breakout to the upside would be very bullish, as it would show that our trend has had no change occur to it. It just continues for some time more before cooling off.
This is a bullish observation, but there are more bearish things I could point out too. It's best to be prepared for anything that could happen. Just adding this piece to the puzzle.
Note
Currently testing the 21d EMA resistance. A break above would have me feeling that We aren't going to really drop like 2015 provided BTC keeps moving up.Note
The good news is that there's support around the 200d EMA... at around $85. Sigh.
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