Little Litecoin, which most people have forgotten about, remains one of the alts that tends to lead the pack (along with DOGE) when an alt season starts. It saw a move from basically sub-$4 up to $420 in 2017. The mania was huge and as you can see in the volume indicator in the lower panel of my chart, there was a large amount of volume concentrated in about a 2 week period in early December 2017.
Volume in the first half of 2021 was fairly steady the whole time and as we look back, we can see clear signs of distribution as volume only picks up when price is negotiated back to higher prices.
Right now, volume is nonexistent and chances are we will see a steep fall in the coming weeks. Short term, however, going into next week, LTC may see a move up to $90 which would be a $20 markup from where we are today.
Ultimately, as BTC.D rises, even if BTCUSD falls, LTC and many other alts will suffer even more. I'd take any longs with care down here as we're seeing some signs of exhaustion and even starting to see some hidden bearish divergence on these high timeframe charts.
The high timeframe charts tell the story, but lower timeframe charts are what will help you get a decent entry. Be cautious going into the new year.
IF (when) the lows come in, they'll likely be around $20-$25 and that would be several weeks before the next halving. We'll take this a week or two at a time, however, expect significant markup going into the halving which takes place on July 19, 2023 currently.
Volume in the first half of 2021 was fairly steady the whole time and as we look back, we can see clear signs of distribution as volume only picks up when price is negotiated back to higher prices.
Right now, volume is nonexistent and chances are we will see a steep fall in the coming weeks. Short term, however, going into next week, LTC may see a move up to $90 which would be a $20 markup from where we are today.
Ultimately, as BTC.D rises, even if BTCUSD falls, LTC and many other alts will suffer even more. I'd take any longs with care down here as we're seeing some signs of exhaustion and even starting to see some hidden bearish divergence on these high timeframe charts.
The high timeframe charts tell the story, but lower timeframe charts are what will help you get a decent entry. Be cautious going into the new year.
IF (when) the lows come in, they'll likely be around $20-$25 and that would be several weeks before the next halving. We'll take this a week or two at a time, however, expect significant markup going into the halving which takes place on July 19, 2023 currently.
