Litecoin and other Alts - To the moon?
Well... Let's see if LTC has the gas needed to get past resistance. So the next resistance point is the 50MA on the 1D which is also coinciding with the downtrend channel line, this will make this area very hard to poke through. A lot of volume is needed and we just down have it right now. As I see it BTC was just creating a big fakeout with that green candle it printed. Yet another thing to note for Litecoin is that the 20EMA has proven to be resistance, let's wait and see if it even makes above this moving average.
Keep in mind that BTC rules this entire universe so we have to see what Bitcoin is doing to get an idea what to expect for all other Alts. For BTC it will be very tough to go over the resistance points that it faces. So if BTC does not go over its resistance, neither will all other alts.
Take a look at the chart below. Bitcoin price is now coming up to the 200MA which is going to be reinforced by the 20MA. Volume needs to be higher or price will drop very soon. Let's take a look at where volume comes from in the chart after this one.
tradingview.com/chart/0FJOpaqx/
Ok, this is where volume in crypto is generated, if money comes in here than you will see it reflected in BTC and all other alts. For now the norm has been between 200 to 214 billion dollars. If you see it go higher than 214 billion that means we are going to see a large volume spike, and if you see it go lower than 200b we may see a serious drop.
The next important thing is that once money comes into crypto where does it go and how does it get distributed? In the chart below you can see that there has been a drop in BTC's dominance hence the spike in price by some alts. The lower the number on the chart the higher in price alts will be, take a look, right now we are at 69% and if we drop to let's say 50%, that will be great for Alts, the price will spike very high in that case.
Wisdom
In investment banking, there is a secret called the "90/90/90 Rule" which means that 90% of investors will lose 90% of their money in just 90 days. Just remember that large institutions are after your money, so don't make greedy unplanned moves, they are counting on you doing just that.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going down
THE OUTLOOK: Safe to buy a small percentage on the pullback.
Be safe and follow me to make money and stay ahead of the curve.
Xena Exchange Resident xena.exchange
Keep in mind that BTC rules this entire universe so we have to see what Bitcoin is doing to get an idea what to expect for all other Alts. For BTC it will be very tough to go over the resistance points that it faces. So if BTC does not go over its resistance, neither will all other alts.
Take a look at the chart below. Bitcoin price is now coming up to the 200MA which is going to be reinforced by the 20MA. Volume needs to be higher or price will drop very soon. Let's take a look at where volume comes from in the chart after this one.
tradingview.com/chart/0FJOpaqx/
Ok, this is where volume in crypto is generated, if money comes in here than you will see it reflected in BTC and all other alts. For now the norm has been between 200 to 214 billion dollars. If you see it go higher than 214 billion that means we are going to see a large volume spike, and if you see it go lower than 200b we may see a serious drop.
The next important thing is that once money comes into crypto where does it go and how does it get distributed? In the chart below you can see that there has been a drop in BTC's dominance hence the spike in price by some alts. The lower the number on the chart the higher in price alts will be, take a look, right now we are at 69% and if we drop to let's say 50%, that will be great for Alts, the price will spike very high in that case.
Wisdom
In investment banking, there is a secret called the "90/90/90 Rule" which means that 90% of investors will lose 90% of their money in just 90 days. Just remember that large institutions are after your money, so don't make greedy unplanned moves, they are counting on you doing just that.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going down
THE OUTLOOK: Safe to buy a small percentage on the pullback.
Be safe and follow me to make money and stay ahead of the curve.
Xena Exchange Resident xena.exchange
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.