Hey guys, I'm back with a small analysis on Litecoin, the world’s seventh-largest cryptocurrency, and a favorite coin for a lot of crypto enthusiasts.
Price action in the month of June wasn’t as promising though, but on the development side, it has been a bit active, with Charlie Lee recently announcing the roll-out of Litecoin Core 0.18.1’s final release.
At the time of writing, I do see Btc taking a dump, Price action is leaning towards the bearish side as of now,
So lets see what's up with Litecoin charts!
LTC/USD 1D
Chart:
Link: https://www.tradingview.com/x/mKbRZ1zg/
Overall Bias: Neutral/Bearish
Critical zones have been marked on chart!
Points to note:
- small downtrend noticed(Lower High)
- Currently in support (Marked on chart)
- Moving averages turning bearish
- Critical: RSI Broke below the support
- SuperTrend indicator (with the settings I'm using) printed a bearish signal (Refer next chart)
Super trend:
But Super trend alone cant be considered a factor, because it sometimes give false positives, but it still proved to be a reliable indicator.
Lets have a look at the smaller timeframes:
xxx/xxx 1W
Chart:
https://www.tradingview.com/x/4A5e5cSt/
Overall Bias: Neutral/Leaning Bearish, short term.
Critical zones have been marked on chart!
Though I personally dont believe too much on predictions, but often, I chart out probabilities, in terms of predictions.
Points to note:
- No notable PA here.
- The prediction is just a 'probability', it may or may not be true.
Additional Notes:
- Bitcoin Price Action continues to influence litecoin price still now, so Keep eyes on Bitcoin.
- Not all bearish signals are sell signals though, they often provide very good buying opportunities, which many people miss out (even I missed out on a lot of stuff) so if you are a long term believer, watch out for bearish signals, and dont forget to buy the dips :D
Additional Point: I still dont see any negative correlation between Bitcoin and the major stock market indices, and Stock market uptrend, similar to BTC started to lose a little bit of steam. Monday will be interesting IMO.
Now Lets check out on Bitcoin Dominance.
BTC.D 4H Chart
Link: https://www.tradingview.com/x/SkDZGW2w/
Surprisingly enough, the recent price drop pumped the dominance by a small amoount.
But If we look at the Zoomed out chart, maybe this is a Bearish Retest?
Lets see, time will tell :)
One important observation from my end:
If you believe in fractals, have a look at the weekly chart. You can see that the 4H is a repetition of the weekly PA. :)
And we already had a bearish retest on weekly. So dont forget to buy your fav altcoins in the next dip (Manage your risk accordingly) :D
BTC.D 1W chart:
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(gif source: Internet)
Edit/Update after a few minutes:
Link: https://www.tradingview.com/x/ytYACzS4/
So supertrend hasnt turned bearish (yet) and We see that the price has bounced (And if LTC closes on daily around $42, it will print a nice Hammer candle, which will signal a small bullish rally. This is in line with the Dominance analysis, so do watch out. Current zone is critical IMO, and it may invalidate the RSI breakdown as well.
So we are looking at two scenarios here. (I hope I didnt confuse you! :P)