Hi friends! Welcome to this update analysis on Litecoin! Let's get right to it! Looking at the daily LTC chart, we can see that the silver to Bitcoin's gold is looking HELLA bullish. After that powerful breakout above the downtrend channel, on MEGA HUGE volume, we can see that price is basically printing a textbook bull flag above what was resistance, at about forty dollars (grey horizontal trendline.) You can see that price actually fell down to that former resistance level, and is now rising off of it, as if it has just been confirmed as support.
Clearly, we have big resistance at 47.22. But if price begins to rally up toward that level (breaking out from the bull flag) I think it's pretty likely that Litecoin could surge toward the 200 EMA (in pink,) around the fifty dollar level. Litecoin is in a league of it's own right now, as traders load up ahead of the halving. As a result, I feel like the market is already pricing in the halving, and the actual event will probably produce a retracement in LTC.
On the MACD, we can see that momentum is slowing down a bit, but that is to be expected in the normal progression of a bull flag. What we want to see is a hold above the 40 level, and a rally higher, with an expansion in momentum and a rise in volume. If for some reason price fails to do that, and falls below the 40 level, I would expect a fall to test the 50 EMA (in orange) for support.
With that said, LTC looks strong like bull. So, we'll see what happens. My bias is to the upside, as LTC preps to extend it's powerful gains.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD
Clearly, we have big resistance at 47.22. But if price begins to rally up toward that level (breaking out from the bull flag) I think it's pretty likely that Litecoin could surge toward the 200 EMA (in pink,) around the fifty dollar level. Litecoin is in a league of it's own right now, as traders load up ahead of the halving. As a result, I feel like the market is already pricing in the halving, and the actual event will probably produce a retracement in LTC.
On the MACD, we can see that momentum is slowing down a bit, but that is to be expected in the normal progression of a bull flag. What we want to see is a hold above the 40 level, and a rally higher, with an expansion in momentum and a rise in volume. If for some reason price fails to do that, and falls below the 40 level, I would expect a fall to test the 50 EMA (in orange) for support.
With that said, LTC looks strong like bull. So, we'll see what happens. My bias is to the upside, as LTC preps to extend it's powerful gains.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD