Litecoin Chart and Other Updates

A few days ago, I gave an update on the BTC/LTC 30-minute chart, and indicated how short term price action was forming a nice bull flag pattern. I've pulled up the latest 30-minute chart to see how that analysis panned out:

As shown, price indeed broke through above the upper channel but momentum eventually waned and price has drifted downwards again soon after. With that said, here is the latest 30-minute chart with the indicators redrawn and updated:

And from a higher timeframe perspective, here is the daily chart:

From both charts, price is still consolidating with the 0.019 price level, which had been acting as resistance last week, now serving as a support line to this consolidation. If this is breached, the next major support will be 0.0142 as mentioned in a previous post. On the other hand, upper resistance is at 0.0225 and a convincing close above this level is needed to see further push above.

No Pre-Launch Hype on LitePay

So with the upcoming Litepay on track for release on Feb 26, we are yet to see any enthusiasm reflected in the price. So why aren't we experiencing this at this time? An online article has indicated that the pullback is aligned with what we are seeing with the rest of the coin market . He added that "today’s dip could be due to recent aggressive selling activity after Litecoin saw a massive price rise last week." Whatever the case, with just a few days to go before the Litepay launch, the Litecoin community are surely abuzz with excitement and are optimistic on its long term prospect, even if short term price action does not currently reflect so.

What are your thoughts? I would love to read your comments below. As always, trade carefully.

Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.

Charts courtesy of bittrex