In this video, I discuss Litecoin, LRC (Loopring), OMG (Omisego), Bitcoin, NEO, and XLM. I also talk a little bit about my own current psychology and reasons for doing analysis.
This is not meant as financial advice - it is meant for entertainment and for speculation.
-Victor Cobra
This is not meant as financial advice - it is meant for entertainment and for speculation.
-Victor Cobra
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Not surprising to see the throwback here to test the broken uptrend channel, and the rejection from the long term trendline for LTC. A break back into the channel I think would be a sign of weakness.
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Unfortunately Litceoin failed to hold above this broken uptrend, and has retraced to previous resistance, now support. If Bitcoin doesn't bounce soon, we'll probably seen LTC head back towards $207. Bitcoin has successfully tested the 9 week EMA, which (in theory) serves as strong support during a bull market.
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Getting closer to $207 while the Ultimate Oscillator is showing a bullish divergence. Did not expect a pullback like this, but I suppose LTC price action from earlier this year should have told me to expect Litecoin to test EVERY SINGLE LEVEL. If it can't hold the channel support, it could fall straight to $160, unfortunately. But let's see. Still above the 50 day MA.
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Litecoin managed to survive a breakdown from the channel for now. If Bitcoin is done correcting, I think we can see LTC eventually head back to the highs. However, a breakdown below the channel can send LTC back to the $146-160 zone.
