Litecoin: Forecast and analysis of the LTCBTC for the medium term
Identifying trends, key levels and the most relevant scenario
In this post, I used fundamental analysis, panoramic market survey, oscillator analysis, key level analysis, trend analysis, indicator analysis, Renko chart and Linear Breakthrough, Tic-Tac-Toe, Kagi
Today I would like to do another forecast for the Litecoin and update the scenario for the pair LTCBTC.
I noticed that my last forecast for this pair was written on 21.06.2018, i.e. it has been more than three months.
I have to admit that the scenario was only 50% accurate.
In the chart above, we see that litecoin hit the correction target quite fast, however, there was no expected bullish correction and the ticker went down quite easily.
As a result, at the moment the scenario needs not updating, but rather being re-done from scratch. So we will traditionally do first a fundamental analysis, and then a technical analysis for litecoin.
LTCBTC fundamental analysis
In my last Litecoin analysis I directly addressed Charlie Lee about having a little responsibility and providing support for his offspring. Just in case. To be sure that he saw it, I wrote him on Twitter too.
To my great surprise and gratitude, my commentary had the support of the famous actress, producer and screenwriter - Naomi Brockwell (@naomibrockwell).
Then I realized that I was not alone with the impression that Charlie couldn't care less about his creation... Apparently, the pressure from the society was so strong that on September 20, he published 11 tweets in which he debunked all the myths about Litetcoin and said how much he supports and roots for his creation.
Honestly, I could find fault with each of his 11 statements and throw rotten tomatoes at Charlie, because his excuses look rather weak.
For example, his tweet number 10, in which he responds to the claim that the Lightcoin has not been developed in 6 months. Charlie gave a strange argument that his development team does not develop publicly where people monitor activity, as this is «good practice».
The question is - what is good in this practice? If it's Litecoin's blockchain and its client, this information is open-source, so what's with all the secrecy?
Or tweet 11, in which he says that he works full time on his brainchild. And the evidence is 11 tweets, which he allegedly wrote himself.
However, if you look at the date of publication, even this statement can be questioned, because all 11 tweets were published at the same time, in one minute!
This suggests that the texts were prepared in advance, which indirectly confirms the idea that this text was prepared by his assistants and was, at best, agreed upon with Charlie before publication.
Perhaps, many people will consider my words niggles and maybe so it is, but on the other hand, if Charlie was more active in the network and showed his support to Litecoin constantly, he would not have to write those 11 tweets. As they say, there is no smoke without fire.
On the other hand, it's good that Charlie finally came to and decided to publish someting - it's a good sign that he cares what happens to Litecoin.
LTCBTC technical analysis
In the monthly chart, we see that the LTCBTC ticker has come very close to the lower border of the Keltner channel - a strong support for the bulls.
If you look at the indicators MACD and Stochastic RSI, theyare still in the red zone of the seller and retain the potential for movement down.
The September candle itself is close to closing and at the moment looks like Doji, which indicates that the market is in some kind of equilibrium.
In the weekly LTCBTC chart, we see a bullish cross both on the MACD and the RSI stochastic, which indicates a probable bullish correction. The ticker itself went far beyond the borders of the Keltner channel, which indicates the oversoldness of this crypto currency instrument. At the same time, we see that the price of Litecoin against the Bitcoin is at the level of the market control point from the front volume chart, which provides additional support at current levels.
In the daily timeframe, we see that the stochastic RSI is in the overbought zone and looking down. In general we see sideways movement in the LTC BTC chart, this signal indicates its continuation in the short term.
The purple lines in the chart above illustrate the projection of the borders of the weekly Keltner channel. In case of exit from the sideways movement, the first target for the LTCBTC pair will be the level of the lower limit at 0.009985 BTC.
In the 12-hour chart, we see that locally the LTCBTC is in the upward channel. IThe oscillators confirm the possibility for growth.
The price charts in our experiment are quite unanimous in their indications. Each of them shows the support line, which is quite clearly traced. And in each window, we see the MACD, which has either already entered the growth phase relatively long ago, or is just doing it now, but in any case, a positive trend can be traced in each chart, which is generally a good sign.
Current scenario for LTCBTC
Given the support of Charlie and signs of reversal signals on higher TF, in general one can count on at least a bullish correction to 0.01330 BTC. But so far, more locally, in the coming week we are unlikely to see Litecoin go higher than 0.010500 - 0.011. It must be said that in many respects the future dynamics of Litecoin depends on the dynamics of Bitcoin. Given the many levels of resistance for the latter, to some extent it will interfere with the development of the bullish movement of the younger brother.
We will continue to follow the Bitcoin rate and keep a hand on the pulse of the crypto currency market. I hope that my analysis was useful.
Good luck and good profits!
PS. If you agree with my crypto forecast, write “+” in the comments, if you don’t agree, put “-”. If you liked the post, just write thank you, and don’t forget to share the post. It is easy for you and I will be very pleased :)
Stay informed on the latest cryptocurrency news, follow my posts on the blog.
I recommend trying to trade cryptocurrency pairs with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders http://t.me/liteforex.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.