Litecoin Looking Less Bearish Than the Rest?

2018-10-2 18:53

While Bitcoin continues to consolidate, Litecoin has been forming a series of higher highs and higher lows in both price action and RSI. Its MACD has been trading positively and diverging to the upside. Ether’s MACD has been trading in negative territory after its sharp declines this year and Bitcoin has been trading flat with the recent consolidation.

The MACD is representative of buying momentum, and it brings a more bullish sign for Litecoin. The volume for Litecoin drops has also been significantly below the 20-period daily average volume whereas some of the recent gains have been over the twice the average daily volume metric. This further supports strength being to the buyers.

With constant news regarding Bitcoin and Ethereum hitting the headlines, many have forgotten about Litecoin, but it may be setting up to the be the most bullish of the three.

Litecoin Daily Chart – Source: Tradingview.com

Recent price action for Litecoin has been occurring in a range around $59 to $62. But with the upward trend line approaching, support will be anticipated.

Litecoin Hourly Chart – Source: Tradingview.com

It remains important for traders and speculators in Litecoin also to monitor the market leader Bitcoin. Bitcoin represents over 51% of the total cryptocurrency market capitalization and is key to the movements of altcoins. The descending triangle pattern which has been forming since January in bitcoin is key to monitor a breakout to the upside or downside will be likely to have the same impact on the altcoin market.

Key Takeaways: Litecoin has a more bullish set-up than it’s large-cap counterparts Ethereum and Bitcoin. Litecoin has been forming a series of higher highs and higher lows in price and RSI and also has an upward trendline which is anticipated to provide support. Key for traders to monitor descending triangle in market leader Bitcoin as it will be likely to have a big impact on the altcoin market. 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.

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Litecoin (LTC) на Currencies.ru

$ 82.51 (+0.33%)
Объем 24H $388.874m
Изменеия 24h: 4.69 %, 7d: 0.24 %
Cегодня L: $81.93 - H: $82.78
Капитализация $6.15b Rank 19
Цена в час новости $ 60.35 (36.72%)

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Источник: blokt.com

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