LTCBTC out of falling wedge and turning the tide.
LTCBTC has broken out of a falling wedge with higher lows on the daily RSI and MACD. The weekly RSI is reversing and the MACD looks to be headed for a bullish crossover.
Before the past halving there was a bull rally which died after the halving event and followed a long bearish downtrend. This reversed nearing the bitcoin halving event in 2016.
The Litecoin halving of 2019 had a repeat of the past in the first bull rally in Dec 2018 to April 2019 and it crashed heavily following its halving event.
If history were to repeat then we could see a rally soon around the next bitcoin halving event (~May 2020). However the litecoin price may crash further in the coming weeks.
Fundamentals:
The number of merchants accepting litecoin has been increasing steadily in the past years signalling mainstream adoption.
The hashrate is also increasing indicating supporting infrastructure for the system.
Similar to bitcoin, the stock-to-flow of litecoin is also quite high which is a good indicator of store of value such as gold or silver.
In addition, the next major update to the platform "Litecoin Core 0.18.1" is coming soon which has several upgrades to the existing version.
*Not financial advise. These are probabilities not certainties. Please do your own research.
Before the past halving there was a bull rally which died after the halving event and followed a long bearish downtrend. This reversed nearing the bitcoin halving event in 2016.
The Litecoin halving of 2019 had a repeat of the past in the first bull rally in Dec 2018 to April 2019 and it crashed heavily following its halving event.
If history were to repeat then we could see a rally soon around the next bitcoin halving event (~May 2020). However the litecoin price may crash further in the coming weeks.
Fundamentals:
The number of merchants accepting litecoin has been increasing steadily in the past years signalling mainstream adoption.
The hashrate is also increasing indicating supporting infrastructure for the system.
Similar to bitcoin, the stock-to-flow of litecoin is also quite high which is a good indicator of store of value such as gold or silver.
In addition, the next major update to the platform "Litecoin Core 0.18.1" is coming soon which has several upgrades to the existing version.
*Not financial advise. These are probabilities not certainties. Please do your own research.
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