LTCUSD - Long on weekly

29 oct 2019

LTCUSD Has had an interesting 2019 already having a 7x move from ~20 to ~140. Now at ~60 there appears to be another momentum change approaching on the weekly chart.

• First notice that the forecasted MAs suggest a 50 over 100 weekly crossover sometime at the end of the year. This would follow a forecasted crossover for BTCUSD with the same MAs by about a month to two later, which seems to be common for Alts to follow BTC movements.
  
• Next, the Smoothed RSI (public library indicator) shows that RSI may be changing momentum with a trend shift as the Smoothed RSI line has flattened. Even a small move the rest of the week will likely change the direction of the trend.
  
• Also, the MACD is losing ground against the lowering signal line. Put simply, momentum on this indicator seems to be slowing down for bearish movement.
  
• Finally, the Stochastic RSI is tempting to leave oversold levels that have been in the oversold area for an extended period of time.
  

Personally, I feel this a valid time to accumulate given the very bullish news around crypto and blockchain technology in general in the last few days. I plan to hold for a while as the ratio is very low vs. BTC, see: LTCBTC. I'm a very firm bull on BTCUSD but also believe that LTC is at a low ratio, and with great signals for a potential trend change vs.USD.

DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.