Litecoin is ready to rally (more detailed chart added)

Litecoin often preceeds bitcoin in the sense that it starts moving, either up or down, just a bit earlier than the crypto king. While the 2017 top and 2018 bottom occurred approximately at about the same time, litecoin broke out of the downtrend already in early February 2019 while bitcoin followed in April. Litecoin topped on the 22th of June 2019, while bitcoin waited until June 26th. It does not seem unreasonably to expect litecoin to preceed bitcoin also this time.

Litecoin seems to have completed its wave 2 retracement as it went back, nicely disciplined, to the 61.8% Fibonacci target (the bottom green line in the above chart).

In addition, both the weekly and the daily chart look quite oversold, with clear divergence on the daily chart.

When you plot both bitcoin and litecoin in the same chart (litecoin = black; bitcoin = blue), it's easy to see how related they are and also that they have been diverging a bit too much recently.

This divergence is confirmed by the LTC/BTC renko chart where we are scratching one of the lower ranges.

Indicators on the LTC/BTC chart are also quite oversold, with some divergence building up on both the RSI and the MACD.

Ladies and gentlemen, I think litecoin is ready to rally.

Now, as always we must be cautious as this might be just the first wave of a three wave correction. A larger correction during which litecoin might close the gap with bitcoin. But these things are impossible to know. For the moment, litecoin is looking very promising.