While the volume picture is quite favorable, LTC’s price action is not looking good at all. Price has broken below a massive multi-month head and shoulder neckline, and the chart just doesn’t look pretty at all.
The bulls hope that volume isn’t lying and that this turns out to be a bear trap down to .0075ish or so.
The bears must be thinking it’s going back to $3.00.
I don't want any part of where it is right now.
@cryptographic everything looks back to normal for LTC as of now, at $58 - $59 value again. Perhaps it was the fork situation. Upvoted. @gold84
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It's still got some mean overhead to get through, and not a verified reversal yet either.
There are some nice bullish divergences building on the technicals, which when placed alongside the volume picture, starts tipping the balance to the bulls, but I'll wait some more before I'll make any firmer commitments.
It would certainly look like a good basing pattern if LTC were to shoot up into the 200-300 dollar area, but I'm not confident about that since I think all the crypto-USD markets are going to suffer along with BTC, while select Alt-BTC markets move higher. Said another way, I think BTC, ETH, XRP, LTC, ZEC, DASH, XMR, ETH will all experience major corrections while the remaining quality Alts (which have corrected heavily already) rally noteably.
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@cryptographic thanks for this great insights. I could not agree more with you in that its time for the quality succesful alts to climb, and then will be the turn for the crypto-USD markets. @gold84
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it only went pass once above $60 once in this week hope it continue to rise further
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Got up above and held that level on Poloniex for almost 4 days. Now it's turned into resistance again. Key level to watch on the cash market.
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I was looking at that earlier today. H&S with a double-top on the head? That’s not pretty at all.
However...with all of this BTC fork madness, it’s sometimes hard to make a call on this stuff. It can turn on a dime.
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Looks like it might be turning too! Got to keep an eye on it.
Looks like BTG has turned out to be a big FAIL. Wonder how that's going to impact BTC.
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It does looks like it might fall a little more but soon will get up soon ,Breaking that line might be pretty bad for the Price hike up.
Let's wait and see.
I am not an analyst just giving my opinion :)
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@cryptographic,
Your analysis is correct! It seems loosing the grip, but we all know it's LTC :D So, as you said up trend is ready to come! Hope it will happen in next few days! Great work friend! Lucky I decided to follow you!
Cheers~
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@cryptographic this analysis was very smart, I just resteemed this one. @gold84
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I just bought my first bundle of litecoin. :)
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I've personally always have believed LTC to be a very risky investment. Especially in these last few months. LTC has always been essentially just a duplicate of Bitcoins framework and just a "Store" of Value.
With all of these wonderful new blockchain technologies emerging with an huge array of functionality, as well as being a dependable store of value, why would LTC ever last in the long-term?
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Very bad news for Litecoin it always drop down till very recent period. Please refer the attachment. Then we can some knowledge how abt LTC movement. This is not god away to approach your trading.
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Solutions to problems are like sunshine. really good one!!!!
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Yeah, Litecoin will be going horrible situation very earlier. LTC price has broken always. Look at analysis graph. We can take a idea. As my mind, Litecoin is a not good for approach investing. LTC price cannot quick and fast turn. This is a huge point. Another some of currencies turn over back again speedily. This is bad news for Litecoin.
Thank you @cryptographic.
Upvote & Resteem
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@cryptographic - Sir you analyzed LiteCoin market well... I think this happened due to BTC hardfork madness.... People wish to get free BitCoin Gold & selling their ALTs in cheaper price.... But this market will revert soon Sir.... You are an expert in crypto graphs... So, I'm checking your blog continuously to get the correct idea about them Sir... Therefore, I wish to ReSteem your post Sir.
+W+ [UpVoted & ReSteemed]
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Nice.
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