No, it is unlikely that Litecoin will get slaughter like other Alts.
It appears that Litecoin, some other coins has had a double bottom head on an inverse head and shoulder bottom, and it appears like the better altcoins are popping off at different times which makes me think that it is completely possible this is a total cryptocurrency trend reversal with bitcoin leading the way and the better altcoins following while the bad ones are eating the dust. One thing that I have noticed more and more is that a bullish RSI is taking place so there are strong bullish movements occurring and this can also be seen in Litecoin. A bullish divergence is occurring. That's just in terms of the RSI, the 3 red lines that are coming from Litecoin's ATH, is what is known as the Fan Principle, and it is a form a trendline analysis when analyzing a reversal pattern, and currently Litecoin looks longer term bullish because it has passed three trendlines of resistance. The only thing that Litecoin is waiting for is its moment to explode through the neckline of the inverse head and shoulder pattern.
Key Points:
1.) Due to the Fan Principle, Litecoin looks like a longer term bullish investment if it can passed through its neckline and I will assume that it will. The crossing of the third resistance trendline also means that Litecoin would be a better longer term investment, possibly to new all time highs.
2.) The inverse head and shoulder has a price objective somewhere around 120-130 and I believe that it is really likely that litecoin will explode out of the neckline on higher volume.
3.) These coins are popping off at different times which makes it easy to move between them and gain the benefits of multiple runs.
I hope everything I am doing is really helping the community, I am new to trading, but I have done a fairly decent job, thanks for supporting me!
Best of Luck: Trade Smart, hedge risk, and Make Some Money!!
It appears that Litecoin, some other coins has had a double bottom head on an inverse head and shoulder bottom, and it appears like the better altcoins are popping off at different times which makes me think that it is completely possible this is a total cryptocurrency trend reversal with bitcoin leading the way and the better altcoins following while the bad ones are eating the dust. One thing that I have noticed more and more is that a bullish RSI is taking place so there are strong bullish movements occurring and this can also be seen in Litecoin. A bullish divergence is occurring. That's just in terms of the RSI, the 3 red lines that are coming from Litecoin's ATH, is what is known as the Fan Principle, and it is a form a trendline analysis when analyzing a reversal pattern, and currently Litecoin looks longer term bullish because it has passed three trendlines of resistance. The only thing that Litecoin is waiting for is its moment to explode through the neckline of the inverse head and shoulder pattern.
Key Points:
1.) Due to the Fan Principle, Litecoin looks like a longer term bullish investment if it can passed through its neckline and I will assume that it will. The crossing of the third resistance trendline also means that Litecoin would be a better longer term investment, possibly to new all time highs.
2.) The inverse head and shoulder has a price objective somewhere around 120-130 and I believe that it is really likely that litecoin will explode out of the neckline on higher volume.
3.) These coins are popping off at different times which makes it easy to move between them and gain the benefits of multiple runs.
I hope everything I am doing is really helping the community, I am new to trading, but I have done a fairly decent job, thanks for supporting me!
Best of Luck: Trade Smart, hedge risk, and Make Some Money!!
Note
Litecoin, took a hit since Bitcoin's subsequent drop in price. the support line on the RSI was broken; although litecoin shows a really good set-up because it is highly correlated with Bitcion (as is bitcoin cash) it followed bitcoin down under, however, it was caught by the orange support line under the right shoulder. Similarly to bitcoin, the bulls are pushing the price back up so that the RSI returns to its region of support. Note
Litecoin did get pushed back into its trendline, after bitcoin explosive drive. There hasn't been much selling of litecoin as there has been of the other coins and tokens, however, price increases or decreases can just be affected by demand, while selling can remain mostly constant, so long as selling is greater than demand the price will fall. However, the market should still be in question because of the large selling. I do believe that the selling mostly occur because of the release of bad news and people still willing to dump bitcoin. The daily RSI is still within the support range and it still can maintain its upward mobility.I still suspect sideways movement before a breakout of the neckline.
[https://imagehttps://www.tradingview.com/x/HvOAa89C/
Note
Note
The longer litecoin stays in the right shoulder, I believe it would be less likely that it breaks through the neckline of the inverse head and shoulder, if bitcoin makes another move above 8500 I believe that litecoin will follow and it may even surpass bitcoin for that one movement.Note
The bullish sentiment has left with the idea that bitcoin was not about to get the ETF approval, in addition, another was postponed, so the price of bitcoin has gone down significantly; although, litecoin is a good project, it will take a significant blow with bitcoin and I suspect a drop down to possibly lower than 50 dollars per coin.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.