LTCUSD:Clear breakout on weekly and possibly a long bull run(!?)
With bitcoin amassing the clear dominance in the past few weeks the altcoins have seen very few gains this time.
The market is clearly bullish and altcoins are now probably entering the arena to clench some of the market dominance from Bitcoin.
As observed on weekly Litecoin is completely out of the downtrend as it posted higher(currently $ 71.80) today compared to its previous high($ 68.6 ) on 17-Aug-2020 on the major upward movement for the first time since mid Dec 2017.
The breakout is clearly out of the converging upward and downward trend lines.
The MACD also suggests that a long term crossover happened on around 17th Aug with RSI in an upward movement.
The current technical analysis suggests that the market could
- reach the target price level of around $ 83.5
- followed by a cool off period of around 1-2 weeks
- while testing the support at previous major high of around $ 64
The current histogram trend clearly indicates that we are on the positive side of things and this bull run most possibly could take things up a notch to reach the price levels of around $115(0.236 Fibonacci) to $140.
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The above analysis is solely my opinion on the market considering the technical hints provided by the charts and market movement and not to be considered as an investment advice.
Happy HODLing.
And the name change of my account, now Kingler.
I just loved Krabby and Kingler's(Krabby evolved) first battle back then and the name sounds cool.
Thank you for your time.
The market is clearly bullish and altcoins are now probably entering the arena to clench some of the market dominance from Bitcoin.
As observed on weekly Litecoin is completely out of the downtrend as it posted higher(currently $ 71.80) today compared to its previous high($ 68.6 ) on 17-Aug-2020 on the major upward movement for the first time since mid Dec 2017.
The breakout is clearly out of the converging upward and downward trend lines.
The MACD also suggests that a long term crossover happened on around 17th Aug with RSI in an upward movement.
The current technical analysis suggests that the market could
- reach the target price level of around $ 83.5
- followed by a cool off period of around 1-2 weeks
- while testing the support at previous major high of around $ 64
The current histogram trend clearly indicates that we are on the positive side of things and this bull run most possibly could take things up a notch to reach the price levels of around $115(0.236 Fibonacci) to $140.
---------------------------------------------
The above analysis is solely my opinion on the market considering the technical hints provided by the charts and market movement and not to be considered as an investment advice.
Happy HODLing.
And the name change of my account, now Kingler.
I just loved Krabby and Kingler's(Krabby evolved) first battle back then and the name sounds cool.
Thank you for your time.
Comment:
the first target hit and consolidating. Hopefully, the second jump is in close vicinity.