What I See in Litecoin LTC LTCBTC Right Now
LTC is looking bullish. It is about to breakout from a consolidation triangle within a larger bull trend.
The stochRSI looks oversold and flattening off at 20. Notice the yellow boxes.
Keep an eye on the volume for confirmation. A large buying volume would be nice to see.
Seeing that LTC does not fall below the red diagonal, I expect a breakout upward in price. Ultimately testing new highs.
If the red diagonal breaks, this setup is invalidated.
Increased FUD in the Bitcoin scaling debate (really a political debate) could lead to traders hedging into LTC heading into the August 1st segwit deadline. LTC has already activated segwit making it attractive short-term while the Bitcoin drama is ironed out.
Good luck trading everyone! As always make sure to DYOR and learn risk management techniques.
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Have thoughts on LTC? Please leave comments below.
Hi @bitinformant, Thanks for sharing your analysis. I'm also a chartist and study the chart of Litecoin but on a USD basis (i.e. LTCUSD). My analysis is showing that Litecoin is giving a buy signal today. It is also forming an inverse H&S pattern and if this completes, my initial target for Litecoin is about $50.
Perhaps we should compare notes here and learn from each other. Is there any particular reason you look at LTCBTC ? If not, can you share the current situation on your chart for LTCUSD ?