Litecoin: weekly market analysis (from 14 December to 20 December 2019 on a BTC / LTC pair)

During this week, practically all the altcoins went into trouble, litecoin, losing just 10% of its value compared to BTC, is actually one of the coins that performed best. We'll see how it ends this 2019 and if there will be margins, from here to the end of the year, to recover some of the losses accumulated so far, for now there is nothing left for us to do but take a look at the graphs and hope that the 2020 turns out to be a better year for the altcoin than this has been.

BTC / LTC broke support waiting for the rebound

Let's start with the 30D chart, also because it opened the last candle this year, and the first thing we notice is that the price, after opening well below the pivot point, immediately went to test the R1; at this point it is also legitimate to expect a rebound, perhaps even just to test the pivot point. Moving on to the weekly chart, then, we also note that we are very close to the minimum reached in December 2017 and that, even if this level were broken by bears, the next solid support coincides with the historical low in the 0.0032BTC area reached at the end of February 2017 ; unfortunately, however, all the main indicators show us, on a weekly time frame, that the litecoin trend is solidly bearish, so it is not appropriate to cultivate expectations of any kind for this currency, not at least in the short term. The situation is not better on 1D time frame, here it is enough to set the ichimoku clouds to immediately realize how strong the current bearish trend is.

Weekly forecast

At this moment a rebound from the litecoin remains very probable, however, even if it should actually happen, it should be understood as a trivial retracement; bulls will hardly be able to defend this support and the most probable thing, instead, is a fall up to the 0.0032BTC area, where then, at best, the accumulation will restart and a new bull run will start. There is also the risk, given that we are approaching bitcoin halving, that even the next two months slip away under the banner of bears and that when BTC prices then take flight this ends up burying the altcoins further, sending them to touch new historical lows. In principle, all the main currencies in the market are in the same situation, and all of them are in danger of ending up definitively sunk by bitcoin if a violent bull run starts in the spring, coinciding with halving. At this moment, therefore, the smartest thing to do is to keep away from the altcoins and accumulate liquidity in the hope of being able to buy BTC at a price below 5 thousand dollars, so as to be able to ride the next bull run profitably.

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