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Litecoin Analysis 6.11.2017 : Litecoin will hit a decent bullish run soon.

In this post I just wanted to go over what I see for Litecoin long-term as well as a few thoughts on short term. From a technological standpoint I believe Litecoin will always be a good testing ground for features that can be added into Bitcoin. There are many features being added soon. Charlie Lee is definitely trying to evangelize litecoin to be used as cheap and faster payments as opposed to bitcoin. This is actually where it shines. Litecoin is here to stay.
Looking at the 1-day candle chart above I have drawn a couple of lines to show the long-term trend. According to the overall trend line I believe LTC will continue to rise as it finds higher levels of resistance with each breakout. The top line drawn I feel is not as solid or accurate as the lower drawn trend line as there was a huge bull run in mid-august that shot the price to all time highs. This quickly consolidated to lower highs with an expected correction happening around the beginning of September.

Four things that indicate Litecoin will hit a decent bullish run soon.

1. The overall trend line continues to go up.
2. There is a MASSIVE falling wedge which is a bullish sign that there will soon be an upward breakout
3. The RSI indicator is showing a level that is just right and not overbought.
4. The Bollinger Bands are tightening showing that the action is coiling and ready to breakout.
4-hour chart:
When looking at the 4-hour chart I am a little concerned for the short term that we will may test $50 and maybe even $45 before it breaks out. Once the prices bounces off the lower wedge line or lower support and if we can get above $58.60 I believe that would be a bullish buy signal.
Having said this I believe that this is a bad short-term investment if you are looking for something to beat bitcoin. I don’t believe this will outperform bitcoin unless something spectacular happens to give it a boost. I would only use litecoin as a safe hedge against bitcoin while the forks are happening. If you are looking at litecoin as a 3-month or more long-term play then over the next few days would be a good time to get in. If you are looking for a good position then I would suggest $51 – $52.
Also, there are many altcoins to invest in to beat Bitcoin in the short-term. If you want a somewhat safe altcoin to buy until these recent major bitcoin hard forks are done then I would suggest Ethereum. In my opinion it is a better coin to buy than Litecoin at least for the short-term.
Let me know if this analysis helped and what other coins you would like me to analyze. CryptoDayTrader has left the building…

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