Quick analysis on LTCBTC
Looking like a critical point here, with LTC testing two major supports, 200MA (in red) and the bottom threshold of the major wedge structure.
Will Litecoin bounce? I reckon two scenarios could play out.
1 - We bounce at this level to retest the resistance of the major wedge structure
2 - We fail at this level, and fall to a create a double bottom at 0.01100000, retest the wedge structure.
There has not been any clear divergence pattern forming on the oscillators, so it is difficult to tell. Given the rate of which LTCBTC is falling with such strong momentum, its anyone's guess where the bottom is.
Given the hype around the litecoin halving, there is no correlation whatsover according to price history against a halving event. Although the USD price of litecoin is still maintained, this is only due to the fact that Bitcoin has been on a massive run up. This suggests that Litecoin is not outperforming Bitcoin - nonetheless, with only 6 weeks before the halving event, we can only observe how this is going to play out.
Another theory that has been tossed around is that Litecoin has been a more efficient way to move funds around as the Bitcoin network gets more congested. Litecoin MAY share the limelight in current market conditions as a medium for faster and cheaper transfers as an alternative to Bitcoin.
Looking like a critical point here, with LTC testing two major supports, 200MA (in red) and the bottom threshold of the major wedge structure.
Will Litecoin bounce? I reckon two scenarios could play out.
1 - We bounce at this level to retest the resistance of the major wedge structure
2 - We fail at this level, and fall to a create a double bottom at 0.01100000, retest the wedge structure.
There has not been any clear divergence pattern forming on the oscillators, so it is difficult to tell. Given the rate of which LTCBTC is falling with such strong momentum, its anyone's guess where the bottom is.
Given the hype around the litecoin halving, there is no correlation whatsover according to price history against a halving event. Although the USD price of litecoin is still maintained, this is only due to the fact that Bitcoin has been on a massive run up. This suggests that Litecoin is not outperforming Bitcoin - nonetheless, with only 6 weeks before the halving event, we can only observe how this is going to play out.
Another theory that has been tossed around is that Litecoin has been a more efficient way to move funds around as the Bitcoin network gets more congested. Litecoin MAY share the limelight in current market conditions as a medium for faster and cheaper transfers as an alternative to Bitcoin.
