Litecoin (LTC) Technical Analysis: IS THE BOTTOM NEARLY IN? Analyzing the Big Picture...

in #cryptocurrency • 6 years ago (edited)

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Litecoin has been in a downward spiral for some time now. Looking at the 1 week chart, it seems to be completing an ABC correction.

Screen Shot 2018-08-21 at 11.16.36 AM.png

Assuming the above count is correct...zooming in on the daily chart, we see 5 clear waves that would make up the larger C wave. Further more, they seem to be operating in a bullish falling wedge. Could this be an ending diagonal? If so, it looks like we may be nearing completion (maybe 1 more small sub-wave down). There also appears to be strong support between $52-$45. Litecoin bounced of this zone a few days back.

Screen Shot 2018-08-21 at 11.30.34 AM.png

The weekly MACD shows clear bullish divergence.

Screen Shot 2018-08-21 at 11.11.28 AM.png

The 1 week RSI is at it’s lowest point since late 2016. It also appears to be operating within a bullish falling wedge.

Screen Shot 2018-08-21 at 11.34.20 AM.png

The 1 day MACD is attempting to cross into bullish territory.

Screen Shot 2018-08-21 at 11.36.21 AM.png

Like all altcoins, Litecoin is somewhat tied to bitcoin. If bitcoin falls, it’ll like fall with it. That said, it's starting to look attractive. What do you think crypto investors...is Litecoin nearing bottom?

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I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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6 years ago in #cryptocurrency by
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    • [-]
     6 years ago 

    Awesome analysis, if we aren't at the bottom we are close.

    [-]
     6 years ago (edited)

    Thanks Rolland...I agree. It's got to be close.

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     6 years ago 

    Personally I think it's already way down and there is hardly any more scope to dip further. But can't say as it's crypto market and can't predict exactly what would happen next.

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    [-]
     6 years ago (edited)

    Agreed. In a traditional market, I’d be buying this up based on the chart...but crypto is anything but traditional.

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