Litecoin is at a critical pivot I have been highlighting for a long time in several posts. The 'golden ratio' of .618 Fibonacci resistance which LTC is currently teetering around (now a few dollars below). We need to see a solid extension above this level, which equates to about 163, to establish a firmly bullish perspective going forward as far as technical analysis is concerned. The importance of Fibonnaci levels is critical and this is shown with 11 elliptical circles showing where Fibonnaci levels have served as support/ resistance. Recent bullish development include:
1) A reversal in volume patterns with respect to price indicated by the upward sloping green line which is preceded by 4 or 5 downward sloping magenta ones.
2) Positive RSI developments indicated with a white dashed line.
3) Failure of the 'death-cross' to occur which happens when the 50-day movilng average dips below the 200. LTC is also above both of these moving averages.
4) Bullish MACD crossover visible at the bottom.
At the time of writing RSI is indicating LTC is a bit overbought and may pull back a bit but I doubt this would be the start of a large drop. If you find this info useful please give a like, criticisms welcome.
1) A reversal in volume patterns with respect to price indicated by the upward sloping green line which is preceded by 4 or 5 downward sloping magenta ones.
2) Positive RSI developments indicated with a white dashed line.
3) Failure of the 'death-cross' to occur which happens when the 50-day movilng average dips below the 200. LTC is also above both of these moving averages.
4) Bullish MACD crossover visible at the bottom.
At the time of writing RSI is indicating LTC is a bit overbought and may pull back a bit but I doubt this would be the start of a large drop. If you find this info useful please give a like, criticisms welcome.
Comment:
RSI above 60 spoke the truth and we got the pullback I was anticipating would probably happen. I chose to remain neutral when writing the above post as an oversold RSI was the ONLY bearish indicator at the time. Lets see what happens the next few days.