Only a matter of time until we break the 8/1 line and go for a new all time high, that line is creeping up on us. The LTC/USD day chart is one of the most healthy trading charts in the entire market. It goes up consolidates, builds support, and then moves up and repeats. This type of healthy long term price movement is observed only in the strongest markets. LTC has been going for higher highs, and higher lows every month. You can check the month chart. If you are looking to enter I recommend patience and buying near the bottom dashed lines.
Keep in mind that LTC has stronger fundamentals compared to most altcoins. It is technology that has been proven and tested, it is 8 years old, it is just as secure as Bitcoin because Litecoin has never been hacked, and once layer 2 is complete; layer 3 decentralized apps are likely going to run on it. That means we can have decentralized assets on the Litecoin network just like ETH; these assets and applications mean added value to the decentralized network. So in the next 1-3 years expect at least another 1000+ % increase. That is assuming you are willing to play the long game. Patience will pay bigly.
What are your thoughts on re-entry? How low and how long do you estimate this correction? Is it done already? The day chart is still putting in higher lows... (for now that is)
i_am_noone
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@blorgalakt, 74-75s are new support. We will enter a higher channel and consolidate until BBands tighten on the 4hr chart, and when PSAR on the 4hr turns bullish; if it becomes bullish we are good. The 1hr chart did a double bottom at the 74-75s and than the PSAR turned bullish which makes me believe that the bulls are back in charge. Week chart is still good, meaning green weeks a head. 150-200 by December is not unrealistic IMO. LTC has the strongest fundamentals out there, if it didn't we would not be creating higher highs and higher lows every month. Once we can break the Gann Fans on the 1hr chart, we should text 90's again... give the chart time. RSI good on both the 4hr and 1hr charts.
1hr chart:
4hr chart:
Blasphemachine
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@MertB, thanks dude. Good stuff. I'll take it to the bank. :) Those Gann fans are very useful, I'll keep practicing with those.
@sweeedfish, If we can stay above the 50's the next few days we should be able to test the 55's again and potentially break through allowing us to continue to go for a new all time high. I think the day chart has legs to run on. It consolidated for a long time between 34-50's. Also the week chart will turn bullish soon. We just need to touch PSAR which is currently at 55's: Once PSAR flips bullish we'll likely continue going for higher highs and higher lows every month: LTC in the long run will go up significantly.
MarRob
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Any idea on when it might break the line ?
mysticyak
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Great stuff. I don't know that cool rainbow fib indicator. How does it work?
I'd love your take on BTC LTC... never going back to USD!