Good Day, All!

I hope this post finds you in good health and high spirits during these bearish times in the crypto world. I wanted to write up another educational/informative post mostly due to @lukestokes who so graciously upvoted a few of my blogs on Bitcoin.

Thank you again, @lukestokes! Much appreciated as I am a very new to this platform. With that being said, lets see what all the most recent hype is surrounding Litecoin. Very bullish in my humble opinion.

Check Out This Infographic

heatmap
Source

A quick glance shows us that Litecoin (LTC) is outperforming the overall cryptocurrency market.

Here Is The Daily Chart

daily lite coin chart
If you are unfamiliar with the indicators, then you can view a brief overview of them here.

Chart Summary
The first thing to notice is that we seem to be holding the S1 support pivot level pretty well. Price dipped all the way down to the S2 support level and 200 day moving average, but it recovered exceptionally well. After it bounced off the S1 support level you will notice that price found resistance at the 20 day moving average (light purple line). Price will continue to get pinched between the 20 day moving average (light purple) and 200 day moving average (dark purple).

Notice that the RSI indicator at the bottom is nearing oversold levels. If the purple line goes below the bottom dotted line, then we would be considered oversold. If we become oversold, then this may indicate a good time to buy in. Remember that nothing is certain in these markets and it is very possible that we could remain in the oversold area for multiple days at a time without price going up.

At the moment, it would appear that the odds of price to continue going down are greater than they are for price to go up. We have been in a downtrend since hitting all time highs. We have been consistently making lower highs and lower lows. In my humble opinion, a buy in right now would be trying to guess the bottom. A move up through the 20 day moving average and through the P pivot point would be ideal to become bullish again. (Remember, I am no financial wizard and you should consult a professional for your financial advice.)

Breaking News Catalyst : LitePay & LitePal

I woke up this morning to an article on my twitter feed that really caught my eye. Keep an eye out this week for more information regarding these new Litecoin services. It would appear that this developing news story and the subsequent release of the service this week could provide the momentum needed for price to start rising higher.

Imagine a world where Litecoin is accepted everywhere VISA is accepted!

If you find my analysis useful, then please follow my page and ask questions or leave comments. I would be more than happy to assist with ANY questions or concerns that you have.

LEGAL DISCLAIMER

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.