Litecoin: Bull Power vs. Bear Power

COINBASE:LTCUSD   Litecoin / U.S. Dollar
As I have mention in my bitcoin analysis, there are a lot of bullish divergences occurring on the daily, big ones, however, I do not know the strength that each of this coins have to fight the possible trend of bitcoin or if they have enough strength to pull bitcoin out. So, this is definitely an interesting situation and it would surely display which of these coins have most of the power. But given that bitcoin is king, I don't think these divergences would go too far.

Litecoin Analysis:

1.) There is a really strong double bottom pattern. It looks like it is a possible eve and adam double bottom , where the first bottom is more rounded and the second bottom is more of a sharp "V" shape. The buy volume picked up really well especially after the hammer candle stick that occurred on the second bottom, and there is really a strong daily bullish divergence occurring in the RSI . However, a divergence does not always mean that the trend is over, and it may pick up in the bearish direction, the weekly RSI still looks extremely weak and it as well as bitcoin may hold Litecoin's price down. The confirmation line is around 68 which means that the price would have to cross that on extremely high volume to indicate a change in market direction.

2.) Litecoin may also get rejected at the orange trendline , which is the second trendline of my second fan principle that I have created for litecoin. At this point I do believe that it is possible to see three different fans occurring. In addition when litecoin hit 50, it did not hold its ground so well despite being such a strong support which does indicate weakness.

3.) Finally bitcoin's dominance is increasing, and during a bear market like this, it can signal both a flight to safety and people exiting the market, so an analysis of these alt coins even the top ones, may not always indicate market direction especially since they have less than 50% market dominance.
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