Description
⋅ Litecoin (LTCUSDT) has gone bullish and is now aiming at $101 based on the Fib. extension tool.
First, we can see that the 9-November low is a higher low compared to 14-June.
After this higher low, we had a retest of MA200 and then boom, a strong bullish breakout supported by high volume.
The high volume confirms this move as real.
What does this means for Bitcoin (BTCUSD)?
While we know for certain that the cryptocurrency market moves together, Bitcoin, Ethereum and the rest are not matching Litecoin's chart.
We can see some detachement between these major cryptocurrencies.
While Litecoin printed a higher low through the November drop, Bitcoin printed a lower low.
The higher low is a bullish signal and here it has been confirmed while the lower low is a bearish signal.
Seeing this type of bullish action, we reach mainly to conclusions:
1) Bitcoin and Ethereum will follow Litecoin and produce a very strong bullish breakout soon.
2) Litecoin can detach and do a Dogecoin and go ahead of the pack.
I will go with the firts one.
Bitcoin and Ethereum will follow...
What's you do you think will happen?
Share with us in the comments section below.
Namaste.