Litecoin (LTC) has never been this bullish in a long time. The above weekly chart for LTC/USD
shows how persistently it bottomed out between August and October. In addition to that, Litecoin (LTC) has now found a solid support right next to its downtrend resistance. As the price of LTC/USD has now traded further down the triangle, it has thus become easier to breakout. Litecoin (LTC) has managed to remain below the 10 Week EMA for the most part. However, the current weekly candle is extremely likely to close above the 10 Week EMA for the first time since April. The 21 Week EMA has also gotten very close to the price. Litecoin (LTC) can thus be expected to breakout explosively towards the end of this month to begin a new trend.
Technical indicators for Litecoin (LTC) have never been this favorable. Wave trend profile for LTC/USD shows that the price is ready for a trend reversal. The wave trend for LTC/USD has also formed a strong bottom since July. It would be extremely unreasonable to expect the price of Litecoin (LTC) to enter another bear trend from this point forward. As the wave trend shows, the period between July and October was the longest time of consolidation. If the price were to fall further, it would not take so long. That being said, it is still possible for Litecoin (LTC) to trade sideways till the end of the month.
RSI for LTC/USD shows an even clearer picture of how the bears lost their momentum since June and the price started to trade sideways. It is all down to the bulls now to pick the price up from here. It is pertinent to note that this time; major institutional players on Wall Street are also ready to get in the game. This is probably the first time in history that some tech geeks have beaten these guys in their own game. They are already too late than they usually are to these things. If they don’t get involved now, they risk losing the game completely. It is finally clear to most of them that cryptocurrencies are here to stay and ultimately the world is going to embrace this emerging market. If they don’t get involved, they risk losing their clients to determined players like Coinbase, Binance, Digital Currency Group, Gemini etc.
Litecoin (LTC) has been trading in a strong uptrend on the 4H time frame shown by the above chart for LTC/USD. The price is likely to correct near term to test the bottom of the ascending channel. However, long term it is on a well defined path. If LTC/USD
keeps up on its current track, it can easily break the historical downtrend resistance. Buying activity has increased the past few days in the market as October has historically been a bullish month for cryptocurrencies. Litecoin (LTC) may not be one of the best investments long term, but it continues to see interest even from institutional investors short term given its liquidity and ease of storage.