zsamochin

LTC back on the upswing to a new ATH

Long
COINBASE:LTCUSD   Litecoin / U.S. Dollar
It has been a rocky week for LTC as it has moved down a good 30% from reaching its ATH . This is to be expected though in the crypto markets and nothing to really worry about considering we are still in a bull market.

LTC has been trading inside a nice upward moving channel since October of last year all while mostly staying above the 50 day MA. The RSI has been making higher lows and the volume has been, on average, a lot higher since the end of March. Barring some FUD Elon tweets that could cause a temporary price dip, or a major BTC move, I see don't see a lot of reasons that LTC will not continue to rise based on the cart.

I would like to see the MACD cross above the signal line on the daily chart . This is really the only bearish sign on this chart. Perhaps even this is going to change soon because, at the time of writing, the histogram seems to have turned towards increasing.

This might not be the fasted play ever, but I think it is reasonable to say that LTC will be above its old ATH and at $450 in the next couple of weeks.


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Comments

Thanks again for the analysis. If you look at the MACD histogram the valleys are actually getting deeper while the price lows are getting higher. Do you consider this a bearish divergence?
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Hey, nice write up, I just did my own without reading anything first and I was also about to add something about Elon lol. Try having a look at the MACD DEMA indicator. Doesn't work the best on the smaller timeframes but seems to be bang on on the daily.
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