I expect litecoin to rally anytime soon. Here's why:
Some non-analysis stuff first.
An app I have called Red Line lists BTC, BCH, and ETH all as "Do Not Buy" with LTC as the only coin as buy. As we can all expect BTC to soon cross 9k again and go towards 12k it is important to remember that LTC often sees a rally ahead of BTC, as we saw when LTC recently hit $100 prior to bitcoin passing 8.3k back in mid-May.
May 29th we saw a slight increase in CryptoCompare views per day, I can't say that this is a major indicator of anything as it occasionally happens randomly.
Ok, onto the analysis stuff.
First we have the fib retracement and gann fan:
Our fib shows a general support line at 0.01286 BTC (dark red) (you might want to put a stop here), if we are to see LTC drop below it a dip will ensue. If LTC is to stay above the dark red line we should see it following our gann fan on an upwards trend, the issue here is the short term resistance at 0.01330 BTC (orange line), if we are to see it stop here we will likely see a sideways movement similar to the one we've had since May 26. If it is to pass the orange line LTC has two options, follow the gann fan and continue upwards or stop at the second resistance line at 0.01355 (green), this depends on several different factors (I would venture to say it would be pretty volatile to news and such, here). Once LTC is to cross the green line we may see either a sharp rally(most likely), a turnaround, or a steady uptrend(least likely). If LTC is to gain enough momentum to quickly pass the pink line at 0.01368 BTC, we should expect a sharp rally to somewhere around the 3rd or 4th fib line or the 1 to 1 gann line. In the event that LTC does not quickly gain enough momentum there would likely be some resistance at the pink line and possibly a sell indicator on the RSI, likely causing a turnaround to the orange resistance line and then gradually the red support line. Another possibility is that once crossing the green line LTC will move sideways in accordance with the gann fan and slowly cross the pink line, in which case we may see a small rally but as aforementioned; this is pretty unlikely.
Next we have our average true range:
What the unorthodox fib on our ATR shows us is that there is not likely to be anymore selling due to the fact that it has bottomed out as the time of this post very close to our orange resistance line . I'm pretty unfamiliar with ATRs so I welcome you to take this part with a grain of salt.
Finally we have an article today from smartereum which I haven't even bothered reading yet but even if it is b.s. we might see some hype around it.
Feedback is always appreciated. Happy Trading!
(DISCLAIMER: I'm a rookie with this stuff. If I did something wrong, some helpful advice would be better than hate.)
Some non-analysis stuff first.
An app I have called Red Line lists BTC, BCH, and ETH all as "Do Not Buy" with LTC as the only coin as buy. As we can all expect BTC to soon cross 9k again and go towards 12k it is important to remember that LTC often sees a rally ahead of BTC, as we saw when LTC recently hit $100 prior to bitcoin passing 8.3k back in mid-May.
May 29th we saw a slight increase in CryptoCompare views per day, I can't say that this is a major indicator of anything as it occasionally happens randomly.
Ok, onto the analysis stuff.
First we have the fib retracement and gann fan:
Our fib shows a general support line at 0.01286 BTC (dark red) (you might want to put a stop here), if we are to see LTC drop below it a dip will ensue. If LTC is to stay above the dark red line we should see it following our gann fan on an upwards trend, the issue here is the short term resistance at 0.01330 BTC (orange line), if we are to see it stop here we will likely see a sideways movement similar to the one we've had since May 26. If it is to pass the orange line LTC has two options, follow the gann fan and continue upwards or stop at the second resistance line at 0.01355 (green), this depends on several different factors (I would venture to say it would be pretty volatile to news and such, here). Once LTC is to cross the green line we may see either a sharp rally(most likely), a turnaround, or a steady uptrend(least likely). If LTC is to gain enough momentum to quickly pass the pink line at 0.01368 BTC, we should expect a sharp rally to somewhere around the 3rd or 4th fib line or the 1 to 1 gann line. In the event that LTC does not quickly gain enough momentum there would likely be some resistance at the pink line and possibly a sell indicator on the RSI, likely causing a turnaround to the orange resistance line and then gradually the red support line. Another possibility is that once crossing the green line LTC will move sideways in accordance with the gann fan and slowly cross the pink line, in which case we may see a small rally but as aforementioned; this is pretty unlikely.
Next we have our average true range:
What the unorthodox fib on our ATR shows us is that there is not likely to be anymore selling due to the fact that it has bottomed out as the time of this post very close to our orange resistance line . I'm pretty unfamiliar with ATRs so I welcome you to take this part with a grain of salt.
Finally we have an article today from smartereum which I haven't even bothered reading yet but even if it is b.s. we might see some hype around it.
Feedback is always appreciated. Happy Trading!
(DISCLAIMER: I'm a rookie with this stuff. If I did something wrong, some helpful advice would be better than hate.)
Comment:
Got it right! LTC to the moon!
