As many has been asking me to do a update on LTC i am pleased to do so.
LTC is very similar to BTC. We have done a whole marked cycle and about to finish wave 2 or to start wave 3! We have seen a ABCDE correction after the high in December. The final wave E got back to the long term support from last year. Very typical so far. In my chart you can see a vertical line "low point on the 26th of june?" This line was there month before as part of some predictive investigation. It played out very nice so far.
As we can see the volume is constantly declining during the correction. The MACD is traveling in a wedge which is coming close to an end, and a decision must be made.
LTC is depending on BTC and as it isn't all clear for me how BTC will move through all this resistance, i can come up with 3 different scenarios for LTC shown in the chart below. A "advantage" for LTC against BTC is that we are already sitting on the long term support and its holding since last year. Should BTC drop we might form a bull wick under the support. But i don't see this happening just now. It looks we get more bullish signs all over the crypto space and a turn around is imminent.
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