Comparing price action in 2019 with the previous bear market bottom
An oldie but goodie:
And more recently, calling the move towards $250 and outlining support levels (which were tested):
Now let's look at current price action.
Zoomed in, you can see that LTC could be priming for another test of the resistance. Since it's a broadening formation (expanding ), that target lies all the way up near $500. I've been watching this for months.
If LTC breaks ABOVE the , that could cause price to go parabolic towards its cycle peak. This is what I'm hoping will happen with many altcoins. Litecoin and some others (including XRP) are still substantially down from their ATH . But if Litecoin and XRP can head up further from here, and if Bitcoin dominance continues to decline, I think we can see some extraordinary final rallies for some cryptocurrencies. However, nothing says this WILL happen. For a scenario, I'm watching the 100 day MA (yellow). If LTC breaks below there and fails to get back above, that could signal an abrupt end to the rally, and send prices back towards the ow $100's.
If we look at LTC/ BTC , it's currently testing the 200 day MA (teal). If it breaks above here, it should test the multi-year downtrend, currently between 0.0044 and 0.0045. If it finally breaks from there, it can head to 0.0067 and above quite quickly. Zoomed out:
I have been in an LTC/ETH trade, and was close to giving up on it, but I'll think I'll stick it out. Looks like a secondary test of the lower support. Here's LTC/ETH. I bought at the green X, and am hoping to take profit after a break of this long term downtrend. I'm curious to see how much upside actually exists on this pair. I'm looking at this as its own cycle, so I think there's a decent possibility LTC experiences a period of outperformance. Of course, I could be wrong. For example, it would be a bad sign if it can't reclaim the 100 day MA on this pair.
This is not financial advice. This is meant for speculation and entertainment only.