(LTC) has been consolidating above the 200 day moving average for the past few days but the Stochastic RSI signals a big move to the upside that could result in a golden cross coming to fruition. If that happens, we could see rise to $100 in a matter of days. If we look at general market conditions, the probability of this golden cross coming to fruition remains low. However, (LTC) and (XRP) are perhaps the only in the market that have an extremely bullish near term outlook. If did always move under the pull of (), we may not be discussing this, but the fact that (ETH) took the lead during the previous rally and () followed leads us to believe that something similar might happen again.
(XRP) has been seen to make independent moves in the past. We have seen XRP/USD rise even when the rest of the market has been bleeding. However, (LTC) has seldom made any such moves. Most of the time, LTC/USD closely follows the price action of () with magnified moves. If () goes up, (LTC) goes up harder, if () goes down, (LTC) goes down harder. Now, perhaps for the first time in a long time LTC/USD has the opportunity to make an independent move that could see it rise more than 100% from current levels. The reason this rally has a higher probability of occurring is because (LTC) has its next halvening event in August.
Every time after a undergoes halvening, we see a rise in its price. However, before that halvening event, we see a lot of money flow into that because investors want to profit off that rally. We have seen that happen in the case of () and (LTC) both during previous halvening events. There is no reason to assume that this halvening would be different. Considering that most analysts and traders already believe that the market has bottomed out, (LTC) investors are accumulating aggressively at current levels.
The daily chart for shows what happened when we saw (LTC) form a golden cross against (). The price immediately shot up and made a 50% gain in a matter of days. If the golden cross on LTC/USD comes to fruition, we expect the impact to be even greater. The conditions for a rally from current levels are extremely favorable. We could see the next move to the upside as early as this week. For long term investors, this is a good point to start accumulating but for traders, this may not be the end of the bear market. We do believe that the price has been due for a correction to the upside but the final corrective Elliot wave to the downside is yet to be completed which should see (LTC) find its true bottom in Q2 of 2019.
Published at Wed, 27 Feb 2019 23:09:48 +0000
