eneakume
Long

Litecoin LONG analysis by using momentum indicators.

COINBASE:LTCUSD   Litecoin / U.S. Dollar
I believe LTC will breakout along with BTC and it will cross the 30 week moving average at $85-100, then I believe that it will pull back and bounce on the 30 week moving average and push forward to around $175. Similar to what bitcoin has done on the 30 week moving average, broke through and started trading above the 30 week MA. Will it do it like my picture? Maybe not, the time frame could be longer or shorter. I'm just using the image as an example of what I think the next move will look like. You can see the momentum indicators MACD and RSI are bottomed out. The MACD is curving up towards the crossover and the RSI has dropped below its average, all that needs to happen is a swift jump in price and the RSI should cross the average, once that happens price should keep pushing up since the momentum is bottomed out. If volume comes in along with the RSI and MACD crossover, the move is pretty much guaranteed. In another positive note, the S&P 500 and the SPGI are also trending up so right now we just need the volume to come in. Have fun :D
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