BTC / LTC the bulls are tonic, but the bears lie in wait

For several weeks it has not been possible to observe the order book without being seized by the desire to buy; the purchase orders, in fact, are significantly more relevant than the sales orders, but the volumes, however, are those that are failing. As for the 30D chart litecoin is continuing to move between the pivot point and the R1, which should already be understood as a bullish signal; obviously, however, we cannot expect to trade only on the basis of the indications we get from the pivot point. The MACD, still on a monthly time frame, is still bearish even if the feeling is that the push of the bears has been exhausted and that within two or three months this instrument will return to indicate an upward trend; let's move on to the weekly chart, where the MACD is already back bullish, for more after having closed a big bullish divergence, but it is precisely from the 7D time frame that we better read the volume contraction. In any case, for the second week in a row, we have the parabolic SAR also returned bullish, while the bollinger bands are tightening without however the price manages to exceed the median and it is this particular that makes me assume that there may be a return to the 0.0055BTC zone. Let's move on to the 1D graph and set the ichimoku clouds to try to understand what's going on; here we see distinctly that there has been a bullish crossover of the moving averages, with the price which currently fails to re-emerge from the cloud and which has just exploited the Kijun-sen to rebound, just today; the 1D graph gives us the impression that we are at the start of a bullish phase, but my advice is to wait for the price to emerge from the cloud and for the signal to be strengthened by the delay line.

Weekly forecast

Those who love risk will probably have bought litecoin between 5 and 7 November and at this time they are in a fairly comfortable position (being slightly profitable), while those who have adopted a more prudent approach should not be desperate because, my opinion, strong enough signals to go long on litecoin with a light heart there were none. Today the price has already touched the upper edge of the cloud, but it has been rejected and, at this moment, I would not exclude that the exit from the clouds could take place in the wrong direction. Better to wait, therefore, for a clear bullish signal from the ichimoku clouds, if things are as they seem already next week we should find the price above the clouds, otherwise we would have a continuation of the bearish trend.

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only