Litecoin charts before halvingposted 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.
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.
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.
And finally, here is bitcoin after the halving in 2012. Quite a move afterwards. What will happen with Litecoin, it remains to be seen.
Good luck and trade safe!