19.8.2020 - Litecoin (LTC / USD)
Hi Traders!
In today's analysis, we will look at the LTC / USD pair. The basic question we will discuss today is - has LTC reached its maximum?
For analysis, we will use a daily chart. What do we see on it? We can notice that the LTC reached a very strong resistance of USD 68 - 72. Second, we can notice divergences on RSI. The chart made a new high, but the RSI indicator no longer fixed the new high. This means, that this growth is weak. If we wanted to compare the size of wave A and the size of wave C, we would get a ratio of about 1:1, so this condition is also met.
We have mentioned 3 reasons why LTC can be at its maximum. Despite the very strong September fundamentals, it does not look good at all with LTC. Until it breaks the USD 72 limit and stays above this value, we are rather pessimistic. Only crossing this limit would predict further growth. However, it will depend on BTC, which leads the entire market. Despite the solid growth of BTC to USD 12.000, we have fallen slightly in recent hours and zeroed whole growth.
From a trader's point of view, this chart deserves a correction to at least about USD 56. Currently, there is no indication that we should overcome this resistance.
May the crypto be with you!
In today's analysis, we will look at the LTC / USD pair. The basic question we will discuss today is - has LTC reached its maximum?
For analysis, we will use a daily chart. What do we see on it? We can notice that the LTC reached a very strong resistance of USD 68 - 72. Second, we can notice divergences on RSI. The chart made a new high, but the RSI indicator no longer fixed the new high. This means, that this growth is weak. If we wanted to compare the size of wave A and the size of wave C, we would get a ratio of about 1:1, so this condition is also met.
We have mentioned 3 reasons why LTC can be at its maximum. Despite the very strong September fundamentals, it does not look good at all with LTC. Until it breaks the USD 72 limit and stays above this value, we are rather pessimistic. Only crossing this limit would predict further growth. However, it will depend on BTC, which leads the entire market. Despite the solid growth of BTC to USD 12.000, we have fallen slightly in recent hours and zeroed whole growth.
From a trader's point of view, this chart deserves a correction to at least about USD 56. Currently, there is no indication that we should overcome this resistance.
May the crypto be with you!
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