Let's get straight to it as I've been drawing for a while now... We start with the Monthly timeframe for LTCUSD.
We have many bearish signals in this long-term chart. Since this is a long-term chart the effects of these are not immediately visible as market action, it can take a while to develop.
We have a very long-term double top, marked with the cup pattern.
We have long-term bearish divergence from 2017-2022 with the MACD and RSI.
MACD: RSI:
The May 2021 candle is what gives it away. Notice it has the highest volume ever for LTCUSD on Kraken.
Notice that it is a bearish high wave candle at a new ATH.
This candle was followed November 2021 with a shooting star, which seals the deal as LTCUSD followed to close below EMA10 and EMA21.
We can only consider the bullish potential again above the "strong resistance" on this chart. Any trading below this level and LTCUSD remains open to decline in value.
Let's have a look at the weekly chart. I will keep the same drawings and just read it for you...
We can see a rejection at EMA100 as prices try to recover from the current drop and then again. We have a bearish cross of the EMAs... Litecoin is facing downward pressure... Let's wait and see how it looks in a few days.
BTC hash rate broke ath and I think we see reversal in BTC and other altcoins
entropi
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Nice idea. In this case I think the technicals are going to be blown away by the fundamentals. The years in development major Litecoin upgrade MWEB is in all likelihood going live in less than two months. Real world adoption of Litecoin for payments has gone exponential since 2019, and will likely soon eclipse Bitcoin. Litecoin is a sleeping giant and I suspect you'll see a breakout similar to this month's Zilliqa action soon.
similarGuest35855
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I don't care about LTC/USD chart, what matter is LTC/BTC, and it's bullish like crazy on every long timeframe !