Litecoin: weekly market analysis (from January 25th to January 31st 2020 on BTC / LTC pair)
BTC / LTC hold or not hold, that's the problem
In principle, I would be tempted to expect a retracement, even a rather heavy one, if only for a one month time frame we just had a bearish cross of the EMA50 on the EMA20; however, in these days we are seeing all the colors, the price of bitcoin not only makes tantrums but, contrary to what we have seen in the last two years, going up again has started to keep up with the alt sector.
This would be a good sign of his, if it were not for the alt to come from a period of decreases of at least a couple of years and I feel a little mistrust, I think it is also normal.
On the weekly chart we see that the price has finally managed to break the EMA20, so again the most likely scenario appears to be a retracement aimed at exploiting the support represented by the exponential moving average at twenty periods to rebound in the direction of the EMA50.
Different for the 1D chart, here we see the MACD that has returned bullish, the EMA20 that is preparing to cut upwards also the EMA100 and the ichimoku clouds that show us that we are in a markedly bullish scenario.
At this moment a retracement in the 0.00693BTC zone seems the most probable scenario, at least in the very short term; you will have to see them if the price will break the support or if instead they will take advantage of that price range to bounce off and hunt for a new high.
We are always waiting for the opening of the new candle of the month, aware that February could open up under the banner of bears but that litecoin now seems clearly in the reversal phase.
Please note: this post is not intended to provide in any way financial advice relating to how to invest your money but has purely educational purposes.
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