Still bullish: Litecoin Technical Analysis 21st September 2017

LTC is currently trading at around $51 depending on which exchange you're on. My prediction based, on technical analysis, is a strong buy.

The chart above is a one-day candlestick. You can see three bullish trend lines. Let's first focus on the red, which is a 55-day moving average. There haven't been too many buying opportunities under the 55-day MA this year, anyone who did buy under this line has been rewarded with profits. We are currently under that line. On May 28 prices dropped under the line and a litcoin was under $20, June 15 was under $25, July 16 under $37 and a 28 July to August 1 all around $40.

The blue line is the 89-day MA (clearly I like Fibs), current prices match this average.

The purple is the 144 MA. Only once this year has that line been crossed by current prices, that was the recent drop.

The MACD and the RSI are giving buy signals too. It would appear over the last few days that there is support at $50, or just a touch under, only on the 14th of September did we see closing under $50, which suggests the market rejects such low prices.

In the recent drop, we saw prices under $40. Anyone who bought in then could close today and still be laughing, that was panic selling by some people at those prices.

As always, this is just my two cents worth, if you're thinking of trading, make sure you know what you're doing and have done your research.

Please comment below with your thoughts, I'm interested in your perspective. I would suggest the lag in price rises is due to hesitancy in entering the market until there is certainty over what's going on in China. In the long-run, I don't see the recent news coming out of China to be a problem for LTC.