About a month ago I made an analysis of Litecoin. In the meantime we have been able to see an increase and today I will take you back with me with my view on Litecoin. The downtrend line is broken and this week looks strong. The course is above ema55 and the previous high in the gray block. When LTC manages to break the next resistance (red weekly line) at $79 then there is room for quite some growth.
The indicators on the weekly are in great shape and all offer plenty of room to rise. We are going to zoom in further to get more details about the bogging of the price.
Three days ago LTC managed to break the weekly and daily resistance blocks (gray and red). If we measure this inpulse wave with the fibonacci we see confluence between the golden pocket, the uptrend line and the two zones that are broken. The ema's are bullish but there is a lot of space between the candles and the ema's. This may indicate a slight retrace. And when we look at the rsi we see a weak bear div, which can also confirm a slight drop.
After setting a higher low it seems that a lower high is now set on the chart. However, this has not yet been confirmed on the 4h, so the current candle will have to close first. When we zoom in to the 2h chart it is already formed there. Looking at the indicators we see a confirmation of our earlier suspicions. The ema's are bullish but the rsi had a bearish rejection on the ema last night. The middle line has so far been able to hold its own. The lbr is already below the middle line and is also below the signal line. We also see that there is still a little bit of bullish momentum on the lbr while the macd already indicates that there is bearish momentum and also increasing. The macd has also made a bearish crossover but is still quite high on the scale.
Conclusion:
I think there is a good chance that we will go towards the next resistance as indicated earlier on the 79 dollars. But before we can see it, I also expect a retrace. This can work out in two ways. In both cases it is still bullish. On the 12h chart below these two scenarios are outlined.
If we can't keep the upper uptrend line we have the second one still below the course that can serve as support. The red scenario would then play. However, I think the green one has just a little more chance to play, I take everything into account. As long as we can keep candle closes on the HTF above $58 I dare to say that LTC is bullish. If we close below it and go back into the downtrend line there is a drop of up to $42 - $47.
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