Litecoin technical analysis (update)
Daily chart
I was drawing symmetrical triangle before (see here), so here is what happened. Perfect break-out right as the triangle closes, same as before. Also we see a double top at 0.0219 BTC on May 10th and July 5th, which means we are definitely going higher and the resistance is expected to break any day now.
BTC-LTC
I drew a projection triangle where the price is most likely to stay for the next 10-12 days. So now we are looking for the initial break-out to around 0.025 BTC. It should be sizable green candle with long wick above, or the wick could be on the next red candle. If we don't see the long wick above one of the following daily candles, I expect the price only to go higher.
Weekly chart
BTC-LTC weekly chart is supporting this bullish trend and projecting potential growth for 4-5 more weeks. My initial prediction of Litecoin price reaching 0.029 BTC within a month, still stands. So I'm still HOLDING.
Previous posts
- Ethereum technical analysis: https://steemit.com/cryptocurrency/@eviljedi/ethereum-technical-analysis
- Litecoin and Bitcoin technical analysis: https://steemit.com/cryptocurrency/@eviljedi/litecoin-and-bitcoin-technical-analysis
- Monero technical analysis: https://steemit.com/trading/@eviljedi/monero-technical-analysis
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Watching a live candle chart last night, I thought that if litecoin could reach 44 that this downtrebd would be over.
I do think that USD-LTC chart is meaningless at this point. Unless you are buying and selling Litecoin for dollars. It makes sense to accumulate more Bitcoin, because I feel it in my gut that Bitcoin will not fail. And it's value will outgrow any currency out there eventually. So for me it is way more important for Litecoin to perform well against Bitcoin in short-term, and not care about value in dollars at all.
Good points in this post. Nice to see I'm not the only one who thinks like this. The biggest group of uneducated investors in mankind get's a shot to determine the price of a crypto. It's an interesting world we live in. Does anyone know about: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Sorted by team, product, company, advisors, previous investors, etc. See: https://www.coincheckup.com/coins/Litecoin#analysis For the Litecoin Investment and research analysis.