LTCETH Expected to Reverse and Outperform Ethereum
Price has been trading in a downward channel for the past months and is approaching the long term support where price has rebounded before multiple times
Technicals:
MACD on the daily is bearish, so may need a few days to reverse but weekly and monthly histograms are about to turn green (weekly) or reverse (monthly).
Stoch RSI shows oversold and is about to turn upwards in the next few days/+- 2weeks
Reversal Hammer weekly candle formed 10 Aug
Wait for a bounce from long term support and break in the downward channel to confirm a reversal
Comment
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In 1-2 weeks, I predict that the ratio will hit long-term support. Wait for the bounce off support. If the ratio bounces with good vol, then LTC growth will outpace ETH growth over BTC over the next 1-3 months. If the ratio falls below support, I expect a long-wick bullish candle to form.
Comment
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- Ratio has broken out of the long-term channel. - Monthly MACD and RSI indicate that a reversal is coming - Wait for monthly candle and an increase in volume - LTC/ETH ratio may bounce between the current level and the 0.165 resistance - Expected time frame to swing and outperform ETH = 3-4 months (Feb-Mar)
Comment
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LTC/ETH ratio broke through the horizontal zone and is resting on the upper support line of the descending channel which also happens to be in line with the June 2017 wick. Wait for the ratio to rebound. If no rebound occurs in the short-term, expect LTC/ETH to continue falling while touching the upper line of the channel.
A new chart with a longer timeframe of data can be found below:
I have a more long term chart with a longer set of data here:
From what I can see is that the ratio has hit the channel and June 2017 wick support. We will have to wait and see if a bounce from the channel will occur, otherwise, the above-linked idea is more indicative that ETH will continue to outperform LTC short term for 1-3 months before the ratio rebounds. In the long term, LTC will out-perform ETH. ETH has unlimited circulation whereas LTC has a fixed marketcap and limited circulating supply.
Any update?