2018-12-27 12:34 |
Litecoin Weekly logarithmic Chart – Source: Tradingview.com
A look at the Weekly Litecoin chart in logarithmic form shows that price fell to the $20-25 support area formed by the 2014 high.
Afterwards, the price began a rally, and it is now trading at $30.
Is this a correction or the beginning of a new rally?
Let’s take a closer look and find out.
Long-Term Outlook Litecoin Weekly Chart – Source: Tradingview.comA look at the indicators on the weekly chart gives us more information.
Price is facing resistance from the 200-period Moving Average, and the 7 and 200 period MA are close to making a bearish cross.
Furthermore, the MACD made a bullish cross and is now heading upwards.
Finally, the RSI went below 30 for the first time since 2014, but there is no divergence yet.
Medium-Term Outlook Litecoin 3-Day Chart – Source: Tradingview.comA look at the 3-day chart shows that price hit resistance provided by the 7-period moving average and retraced.
There is a tiny amount of divergence in the RSI, and the MACD has made a bullish cross.
Finally, the Chaikin Oscillator is almost positive for the first time since April.
Short-Term Outlook Litecoin 1-Day Chart – Source: Tradingview.comA look at the Daily chart shows that price started the rally after a long period of bullish divergence in the RSI.
Furthermore, the MACD is almost positive for the first time since April but seems to have stagnated before crossing 0.
Litecoin 6-Hour Chart – Source: Tradingview.comA closer look at the 6-hour chart shows that price ended the rally right at the area of previous resistance.
Furthermore, there is a bearish divergence in all three of the RSI, MACD and the Chaikin Oscillator. Price has currently retraced to the 0.5 fib line.
Conclusions The price fell to the major support area at $20-25, and a small rally ensued. Price retraced after bearish divergence and is now at the 0.5 fib line. Long-term indicators are leaning on turning bullish. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Litecoin: Is This a Correction or the Beginning of a New Rally? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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