Litecoin: weekly market analysis (from November 30th to December 6th 2019 on a BTC / LTC pair)
BTC / LTC price on the last low, bear pressure continues
As for the monthly chart, the new spark plug has opened well below the pivot point and it seems ready from one moment to the next to test at least the S1 if not also the S2; the situation is not better on the 7D chart, here, by setting the bollinger bands, we immediately realize that the most probable thing is that the price goes to bounce off the lower bottom of the bands, so that even in this case what is expected it is a collapse of the price and a new low, also because the parabolic SAR on a weekly chart is now back to bearish. The 1D graph is also bad on the whole line, with ichimoku clouds that immediately show us how this currency is currently in a markedly bearish scenario.
Needless to say even this week I am bearish on litecoin; even if it is full of people out there who consider this currency basically useless and a BTC clone, I don't think so, in fact I believe that the coin created by Charlie Lee will soon return to give profits with the regularity that has always distinguished it, simply I don't think this happens now or anyway during this month. Anyone who already has an open position would do well to consider whether it is not the case to close it at a loss, assuming that this is still possible by limiting the damage anyway, or arm yourself with a lot of patience since the price seems intent on slipping even lower; all the others, on the other hand, would do well to continue to observe what happens and stay out of the market, keeping ready for the next inevitable reversal phase.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only