Litecoin has been in a downward spiral for some time now. Looking at the 1 week chart, it seems to be completing an ABC correction.
Assuming the above count is correct...zooming in on the daily chart, we see 5 clear waves that would make up the larger C wave. Further more, they seem to be operating in a bullish falling wedge. Could this be an ending diagonal? If so, it looks like we may be nearing completion (maybe 1 more small sub-wave down). There also appears to be strong support between $52-$45. Litecoin bounced of this zone a few days back.
The weekly MACD shows clear bullish divergence.
The 1 week RSI is at it’s lowest point since late 2016. It also appears to be operating within a bullish falling wedge.
The 1 day MACD is attempting to cross into bullish territory.
Like all altcoins, Litecoin is somewhat tied to bitcoin. If bitcoin falls, it’ll like fall with it. That said, it's starting to look attractive. What do you think crypto investors...is Litecoin nearing bottom?
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
Awesome analysis, if we aren't at the bottom we are close.
Thanks Rolland...I agree. It's got to be close.
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Personally I think it's already way down and there is hardly any more scope to dip further. But can't say as it's crypto market and can't predict exactly what would happen next.
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Agreed. In a traditional market, I’d be buying this up based on the chart...but crypto is anything but traditional.