Updated Chart: Litecoin history repeats itself?
Updated
My friend @xtdisnkfe on Twitter pointed out this golden cross possibility on Twitter, so I thought I'd add that into my analysis that I posted recently. Almost everything is similar to the months preceding the first halving as I have shown before, and we continue to print these similarities with the close of each candle. I hadn't noticed the golden cross before now, and I think it's a very important arrow in our quiver of analysis. I tried to write more on the chart this time to save time writing here.
Now then, these are only possibilities based on past events in LTC's price history, which does not predict future outcomes necessarily. However, some of the similarities are too blatant to ignore. I have posted this idea several times before, each time adding something new to it. I have given my target based on how much LTC increased last time right after a 1.5 year long bear market, but I think that if things continue like before, we wouldn't last long at that price. As you see, it was followed with a sharp drop (~72%) just immediately before the halving, at which levels it stayed very steady before REALLY going to the moon. That range (light blue) lasted 575 days roughly. There's no telling if we will trade in a limited range like last time due to the large black trendline that we will eventually come in contact with, which could take us up again, so I am more focused on near term action and will act accordingly, whilst periodically updating this analysis.
Please add your constructive feedback, like, follow, etc.
Now then, these are only possibilities based on past events in LTC's price history, which does not predict future outcomes necessarily. However, some of the similarities are too blatant to ignore. I have posted this idea several times before, each time adding something new to it. I have given my target based on how much LTC increased last time right after a 1.5 year long bear market, but I think that if things continue like before, we wouldn't last long at that price. As you see, it was followed with a sharp drop (~72%) just immediately before the halving, at which levels it stayed very steady before REALLY going to the moon. That range (light blue) lasted 575 days roughly. There's no telling if we will trade in a limited range like last time due to the large black trendline that we will eventually come in contact with, which could take us up again, so I am more focused on near term action and will act accordingly, whilst periodically updating this analysis.
Please add your constructive feedback, like, follow, etc.
Note
Last time we had a golden cross between LTC's 50 and 200 EMA after a long bear market happened 16 days after the price broke above its 200 EMA. Let's just say I'm keeping my eye out for March 20-21st...
Note
I am getting very optimistic for the next few weeks in LTC. Tread carefully though, I don't know how long it will last, as I have said earlier. My plan is to flip LTCBTC and wait for a lower re-entry, and reentering a long term hodl. The beginnings of the last 2 major bull markets in LTC (that didn't last very long but were oh so sweet) were roughly 1200 days apart. Assuming the same cycle, that puts the next major bull market for LTC in Jul 2020, target around roughly 5k assuming similar % gains.
Note
DID I TELL YOU ER WHAT?Note
The weekly RSI between now and last halving looks awfully similar. A slight dip into oversold territory, then lower until the halving. This could rally more, but I'm losing optimism short term. I am TBD on selling or not. If we dip back into the 50s I will for sure be longing.
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