It's been a while! Back again to talk about a very significant Litecoin development. As we know from history, LTC tends to go on cyclical runs where it's value against BTC soars. On this LTC/BTC chart, we can clearly see that the cycle is about to start yet again.
We have already had confirmation of the cycle starting, but now we are looking at what could be the last correction before the LTC value does its moon thing. The stochastic is peaked on both the USD chart and the LTC/BTC chart. My prediction (complete guess) is that the correction will end when the stochastic completes the cycle and dips down into the oversold zone. HOWEVER, there is a chance that the stochastic will flip and not even dip down into the bottom zone before the pump happens.
For now, we don't have any significant volume. That means the price line is weak. Without the surge of volume, the stochastic should complete the cycle and allow price to dip one last time. I think this is when I will grab my ever so humble bag of Litecoins and ride it through the bull market. Being that I'm not a BTC whale, this is the better investment strategy to catch up on multiplying my piggy bank holdings. I'm still kicking myself for not buying 5 ETH when the price was in the $300 last fall, so this is the only train that has not left the station that I can board for maximum gains.
The On Balance Volume indicator shows steady accumulation going on from the big institutional investors. The OBV is just an approximation, but we DO KNOW that there are 2 or 3 big institutions that are accumulating LTC. So I would say the OBV is fairly reliable, and reflecting what is actually going on as far as buying and holding.
What are YOUR thoughts about the current Litecoin price positioning? How far down do you think it will correct? I'd love to see a price of $130 before liftoff. But I can't be too sure. Also, what are your thoughts on the fall peak price for LTC? My best guess based on past performance would be $1500. That might not be monumental, but the one thing I can hang my hat on is the fact that LTC is a fairly safe investment compared to the more risky alts that are out there.
Post your thoughts and let me, CryptoProCarlton, know what you think is the next move for LTC!
Carlton Flowers Thee one and only CryptoPro
p.s. This ain't no financial advice. Do your own DD. I'm just tryin' to get the kids some new shoes and get my hustle on
yeah right i am listening for a whole year now litecoin is going to pump, but all that has done is lagging behind. And from a whole historical history of LTC/BTC chart it is clear that is loseing value from beggining.
@ribi 1 year isnt long enough, 4 yr cycles show you more data
VictorCobra
⋅
@ribi, Let’s not forget that LTC pumped from $22 to near $150 in 2019. That move caught many by surprise. Right now it’s trying to establish some new long term support in the previous strong resistance level. So I’m just giving it time. Might not make a new high against Bitcoin, but I think it can get back to 0.3 ETH (currently it’s below 0.1).
-Victor Cobra
AlexC63
⋅
"Being that I'm not a BTC whale, this is the better investment strategy to catch up on multiplying my piggy bank holdings."
This is gold. Wise move
carltonzone
⋅
@AlexC63 thank you! Good to hear confirmation on my thoughts!
VictorCobra
⋅
Sure hope so! I lucked out with my LTC trading - I bought some at $32 during the bear market and then sold to ETH in mid-2019 near the top of the LTC halving rally. Only recently have I started accumulating LTC again, and I reduced my ETH position a bit to do so. Here’s my analysis:
Good luck to us!
-Victor Cobra
tbairsto
⋅
Nice analysis! It's looking an awful lot like 2017, there were a lot of haters then too saying LTC was dead.