While Bitcoin continues to consolidate, Litecoin has formed a series of higher highs and lower lows both in terms of price and RSI. His MACD has been trading in a positive and divergent way towards the top. Ether's MACD has been trading in negative territory after the sharp decline in this year and Bitcoin has been trading flatly with the recent consolidation.
The MACD is representative of the buying momentum and carries a more bullish signal for Litecoin. Litecoin drops were also significantly lower than the average daily volume of 20 periods, while some recent gains exceeded twice the daily average volume. This further supports the strength of being for buyers.
With constant news about Bitcoin and Ethereum hitting the headlines, many have forgotten about Litecoin, but it could be the most bullish of the three.
The recent price action for Litecoin has taken place between $ 59 and $ 62. But as the uptrend line approaches, support will be anticipated.
It is also important for the traders and speculators of Litecoin to monitor the Bitcoin market leader. Bitcoin accounts for over 51% of the total cryptocurrency market capitalization and is the key to altcoins movements. The downtrend triangle that has been forming since January in bitcoins is essential to monitor an up or down breakout that will probably have the same impact on the altcoin market.
- Litecoin has a more bullish set-up compared to the large-scale counterparts Ethereum and Bitcoin.
- Litecoin has formed a series of higher highs and lows higher in price and RSI and also has an upward trend line that is expected to provide support.
- Key to traders to monitor the descending triangle in the Bitcoin market leader as it will likely have a major impact on the altcoin market.
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