Litecoin Price continues to Rip Pre-Halvening, but may need a correction
Litecoin (LTC) continues to lead the market for alto with a recent press to establish an even higher level of support and maintain trading in a new Bitcoin (BTC) lineup.
Litecoin's Weekly Chart
When trading against Bitcoin (BTC), Litecoin (LTC) has respected each level and zone created by a simple Fibonacci retracement measurement.
Litecoin broke out in February after the newsletter plans to implement confidential transactions as a point in the future. This news pushed the BTC valuation of LTC through the 0.236 level, as it respected until you pushed up over the 0.382 level.
With an increased amount of injecting slowly built around Litecoin's block reward halving in August, the BTC price of LTC changed over 0.5 on the last few days – while attempting to break right through in the range of 0.618 to 0.786. However, LTCBTC has found rejection at this level and it is still likely that Litecoin needs to cool slightly by consolidating in the lower range.
Having said that, bullish and FOMO (fear of missing out) can throw the guidebook out the window. We cannot rule out an impending push from the Litecoin bulls to take the prize against 0.02 satoshis per litecoin.
Litecoin's Stochastic Weekly RSI
Like its big brother, Bitcoin, Litecoin has been hanging out in overbought territory for too long
When it comes to momentum indicators As the stochastic RSI, the rule applies that what goes up must come down. At some point, the LTCBTC must come down – but how difficult will depend on a number of factors.
The fact that Litecoins halving event comes at the end of summer, makes us believe that a correction will not be very sharp – at least not until we get closer to the block reward halving. Consolidation over 0.016 satoshis would be particularly healthy.
What do you think about the price of Litecoin (LTC) compared to Bitcoin (BTC)? Please let us know your thoughts in the comments below!
Pictures courtesy of TradingView.
Trade Litecoin (LTC), Bitcoin (BTC) and other crypto carts on the online Bitcoin forex broker platform evolve.markets.
Disclaimer: The views expressed in this article are not intended as investment advice.
