There are three major factors behind the Litecoin price rally: ideal technical structure, Bitcoin’s rally, decent fundamentals.
Hence, Litecoin showing some strength on the LTCBTC pair is noteworthy. He said:
Atop the favorable market structure of Litecoin, the Bitcoin price has been increasing rapidly. This has caused the overall confidence in the market to increase.
Philip Swift, the creator of LookintoBitcoin.com, said there were some sellers on Coinbase but there has been lots of on-chain activity.
The continuous increase in the on-chain activity of Bitcoin has led the price of BTC to surpass the previous all-time high.
On December 27, Bitcoin rose to as high as $27,632 across major exchanges, achieving a new all-time high. The analyst noted:
“BTC price action looks strong here. Few sellers on Coinbase in the short term shown here by the lack of asks (yellow lines) above price. In terms of on-chain activity… Advanced NVT (blue line) has actually pulled back from the overbought (red zone) as price went sideways/up. This indicates LOADS of on-chain activity over the past week or so, and suggests more potential for upside in short term.”
Some argue that the rising price of Bitcoin is bad for altcoins, as BTC sucks out the volume from the market. However, Litecoin has been one of the only altcoins that have been increasing in value against BTC.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 91.03.
The projected upper bound is: 145.96.
The projected lower bound is: 112.64.
The projected closing price is: 129.30.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 83.3973. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 7 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 73.15. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 12 period(s) ago.
Rex Takasugi – TD Profile
FOREX LTC= closed down -3.180 at 127.970. Volume was 28% below average (neutral) and Bollinger Bands were 229% wider than normal.
Open High Low Close Volume 131.180 132.420 123.490 127.970 166,377
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 115.38 85.49 59.04 Volatility: 99 126 89 Volume: 351,119 290,069 198,457
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX LTC= is currently 116.8% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of LTC= at a relatively equal pace (neutral).
Our trend forecasting oscillators are currently bullish on LTC= and have had this outlook for the last 11 periods. Our momentum oscillator is currently indicating that LTC= is currently in an overbought condition.