LITECOIN: How far from the "Golden Cross"
For those who do not know, the "The Golden Cross" is a Candle-stick pattern which indicates a long-term Bull Market going forward.
It occurs when a short-term moving average crosses over a major long-term moving average to the upside and it is very used by investors, analyst and traders as an indication of a major upward turn in a market.
Normally, the two moving averages used are the 50-Day MA and the 200-Day MA.
When the 50 DMA crosses the 200 DMA to the upside this is called GOLDEN CROSS.... Worth to say that also the contrary would indicate that the Bear Market is going forward. The last is called "DEATH CROSS", and, in the case of the Crypto on subject, LITECOIN, it occurred on April 15th of 2018, and it was for many the confirmation of the end of the Bullish Cycle.
LITECOIN is possibly one the most bullish crypto nowadays. Much more than BITCOIN which is still so far from that "cross"...
As you can see in below chart, It is clearly testing the 200DMA line which, if finally broken, it would be more than likely to see a confirmation of the Reversal trend, bringing the price to higher highs.
By when that confirmation? Look for the "Golden Cross" to happen... Extrapolate those lines, following thier trends...
The spring is not far... seems that by then or earlier, March 15th, we may have "green sleeves" growing from the Litecoin tree.
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
very interesting @toofasteddie, i wonder then if ltc will follow his own way/pump before BTC does, or this chart is just an indicator telling us that BTC is about to pump up getting close to it own golden cross
No one knows but seems that LTC has more chances to do so
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BTC will have its golden cross in late September.
Here's "the proof":
😀
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March 15th the golden cross for LTC and February 26th Constantinople for ETH. Let there be hopium, let there be el anno del torro en 2019!
I don't know if I wrote that thing in Spanish right because I'm not gonna google it but I'm sure you got it :)
Actually, ETH has a good approach as well looking for a gold cross to happen...
P.s. I understood it 😂
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We’ll see how it plays out. If bitcoin can decisively break above the 50 MA on the daily, I’ll become much more optimistic. Nice post @toofasteddie