LITECOIN Halving only a few hours away! Is it bullish or not?

Litecoin (LTCUSD) is having its 3rd Halving event in less than 5 hours from the time this analysis was constructed. The question on everyone's mind is how will this affect the price action? Will it be bullish or bearish? A reliable way to answer this is by looking into the past events and how those affected LTC.

The previous two Halvings were on August 05 2019 (Halving 2) and August 25 2015 (Halving 1) respectively. All halving events have caught the price on a pull-back after a break above the 1W MA100 (green trend-line) with the 1W MA50 (blue trend-line) supporting. During the previous two, the price managed to reach the 0.5 Fibonacci retracement level, while on the current Cycle it came $25 shy of it.

It appears that the current Bull Cycle has started on a slower pace than the previous two, as also illustrated on the 1W RSI, which hasn't yet crossed the 70.00 overbought barrier. They key is the Lower Highs trend-line, which on all Halvings made contact with the pre-Halving Lower High and once broken the price never made a Lower Low again. If you want to take the safest buy entry possible, wait for that break-out to happen.

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