Good day Hiveians!
Join me in analyzing the crypto markets!
As requested, here my take on LTC/USD
Let me start off my saying once again: the crypto market has turned bullish once again, so the outlook on (almost) all coins is very green. The difference lies in the specific fractals that each coin has developed, meaning that some will rise when others will fall (and vice versa), but the general direction is clearly upward. As we are at the beginning of this larger bull phase there is still plenty of time to get into the game... This bullish phase will probably last for about another 1-2 years.
Looking at the bigger picture, we see the triangle shape that is so evident in most coins. This triangle marks the bear phase. As you can see it has ended with price breaking the resistance:
In the top right corner you can see the fractal for LTC/USD. It characteristics makes it for a very steep impulse wave and a longer correction. Differently to bitcoin, however, it only has one distinctive peak:
The price of LTC is very wavy and volatile when paired to USD. Therefore, there is a large area in which it moves. This is marked by the very steep diverging lines pointing upwards. Short to mid term will be very volatile with price swings to 120$ and 90$. But the long term outlook is very positive with the next bigger resistance at 150$.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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