LTC vs ETH Technical Analysis 19th September 2017

in #litecoin7 years ago (edited)

I have some open trades with LTC and ETH which are currently in profit after buying the dip. I'm thinking about closing the ETH and opening LTC because of the potential returns.

Let's look at the one-day chart for LTC
ltc.jpg

When I look at candles sticks, prices outside of the main body are considered a rejection of those prices. See how the recent sell-off lows didn't hold the price came back up promptly, closing for the day right on the trendline. LTC under $50 was just too good and people bought those cheap LTCs up quickly.

Meanwhile, ETH has had a double top. It had an all-time high of around $425 but hasn't closed over $400. The market so far, has rejected a price higher than $400 for ETH. It's worse if you look at the one-week chart, ETH hasn't managed to close over $350, see below.
ETH.jpg

So, my technical analysis is this (using rounded numbers):

LTC Current Price $55. Closing high $90.
(90-55)/55 = 63% increase

ETH Current Price $290 Closing high $400.
(400-290)/290 = 37% increase

To put it simply, $1000 in LTC may get a return of $1630. ETH would return $1370. So based on this, I'm closing positions in profit in ETH and moving them into LTC in order to get higher returns. The other factor to consider is the time needed to retrace to the previous closing highs. Any thoughts on which will reach its previous highs the quickest, LTC or ETH?

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Nice analysis mate.

Only spanner in the works is this upcoming ETH release. Thoughts on that?

Thanks. I'm still holding ETH, just focusing here on short-term gains.

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