Litecoin charts before halving

posted by genuinelyFX at 08/23/2015 - 12:09 GMT

Litecoin might be in the final leg of this correction and we could witness a sharp drop, hopefully with a fast comeback in price. Around 3 area we find some important support zones. Also a prior wave iv area. C equals 0.382xA at 2.973.

LTCUSD daily BTC-e data


On a weekly basis, we broke the long term trendline and found resistance in a prior wave iv area(green triangle), before the last drop. Also, the bigger correction down was also stopped with a small dip bellow a prior wave IV. Right now price is stuck in a 3.08-8.91 range in what seems an accumulation. Something is cooking near the halving, but it might not be right away what everybody expects.

LTCUSD weekly BTC-e data


Compared with bitcoin, it still looks good. No wonder with all the mess that’s happening in their block size debate. This is a closing line, so higher prices was reached, but not sustained. Right now it consolidates above 0.015 area. With the halving coming, it should not fall bellow.

LTCBTC weekly BTC-e data


And finally, here is bitcoin after the halving in 2012. Quite a move afterwards. What will happen with Litecoin, it remains to be seen.

BTCUSD daily BTC-e data after 2012 halving

Good luck and trade safe!