LITECOIN: Doing the heavylifting of the new Bull Cycle

The Litecoin has been testing the 1W MA50 (blue) line in the past two weeks for the first time since November 2021, indicating the bearish pressure that the market has been through these past 12 months.

This goes against the heavy selling pressure on Bitcoin and other high capitalization coins. We've mentioned countless times that LTCUSD tends to do the initial rise during Bull Cycles and this times is no exception as it is doing the heavylifting as the market is entering its new Bull Cycle.

In previous rallies, every time the 1W MA50 broke, the price also hit the 1W MA100 (green) line. On this long term Channel Up that has been trading on since the begining, it is obvious that the majority of the price action is done inside the 0.236 - 0.618 Fibonacci levels. The rallies of early 2019 and Sep 2020 - May 2021 started from the 0.236 and ended on the 0.618, respecting the high impact zone we mention above.

Although it is likely to see a full year of trading within Fib 0.0 - 0.236 before a hyper rally, it is also quite probable that if LTC closes a month above the 1W MA100, to see a full scale rally to the 0.618 Fib or at least the middle of the Channel Up.


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