*Not financial advice*
Let's dive in. I mainly am relying on the RSI and fib retracement tool in this analysis. I believe that this pair is almost too predictable now, we are soon going to begin a rise back up to .018+. I don't really have a top target just yet, I'll explain why after I reason why we are going up:
Weekly RSI is oversold, which builds confluence with the 1.61 fib line. I expect this zone to be a strong buy area. That's basically it. Just look at the history of when the weekly RSI hits oversold and where we go almost immediately after. It's not rocket science.
"But, oooh, your halving didn't even pump LTC even halfway to the ATH."
"LTC is purely a shitcoin, plain and simple."
"LTC has no development."
"Charlie Lee dumped on his followers."
FUD. All of it. While those are fundamental arguments against LTC, it still has to do with the price in some way. Simply put, the halving is what will enable LTC to make new ATHs, but it's a process, a process initiated by the event itself that was hyped. 2 years after the first halving though, it made an ATH, and here's my target for the next LTC ATH if we follow a similar pattern:
(Note: This could happen in a variety of ways, but the same general idea remains.)
Now I'm going to be brutally honest. There's one thing I see here that worries me slightly. It's that every time LTCBTC takes a charge ahead, it forms a lower high. Each pump cycle it does not break previous highs. I hope this isn't correlated, but if you zoom out it's hard to miss. A counterargument here would be that we are in a wedge, presented by the top blue line and lower red line, inferring that we are also making higher lows each time we change trends. I don't know if it's smart to zoom out THAT far and draw lines that span out over many years, even it's whole life span, so who knows.
Let's dive in. I mainly am relying on the RSI and fib retracement tool in this analysis. I believe that this pair is almost too predictable now, we are soon going to begin a rise back up to .018+. I don't really have a top target just yet, I'll explain why after I reason why we are going up:
Weekly RSI is oversold, which builds confluence with the 1.61 fib line. I expect this zone to be a strong buy area. That's basically it. Just look at the history of when the weekly RSI hits oversold and where we go almost immediately after. It's not rocket science.
"But, oooh, your halving didn't even pump LTC even halfway to the ATH."
"LTC is purely a shitcoin, plain and simple."
"LTC has no development."
"Charlie Lee dumped on his followers."
FUD. All of it. While those are fundamental arguments against LTC, it still has to do with the price in some way. Simply put, the halving is what will enable LTC to make new ATHs, but it's a process, a process initiated by the event itself that was hyped. 2 years after the first halving though, it made an ATH, and here's my target for the next LTC ATH if we follow a similar pattern:
Now I'm going to be brutally honest. There's one thing I see here that worries me slightly. It's that every time LTCBTC takes a charge ahead, it forms a lower high. Each pump cycle it does not break previous highs. I hope this isn't correlated, but if you zoom out it's hard to miss. A counterargument here would be that we are in a wedge, presented by the top blue line and lower red line, inferring that we are also making higher lows each time we change trends. I don't know if it's smart to zoom out THAT far and draw lines that span out over many years, even it's whole life span, so who knows.
Comment:
Almost too predictable. I love this pair very much for this.