The crypto market has presented a strong price correction because its main asset, Bitcoin could not stay above the $12,000 level. The FOMO around the market has generated an outflow of capital that has bled out the main cryptocurrencies of the ecosystem, with BTC falling 1.18 percent to 11200 levels in just five minutes.
At the time of writing the total market cap is around $310 billion with a daily volume that has fallen to $ 86 billion per day. The flow of capital has been directed from BTC to specific altcoins to make capital from the WHALES calls in the crypto ecosystem,
Litecoin the silver cryptocurrency has seen a rise in volume as investors have directed flow of capital towards the cryptocurrency.
This is a growing trend as Litecoin typically provides a lifeline for crypto investors to make capitals during bearish periods. These funds are then pumped into Bitcoin leading to bullish periods.
Litecoin was one of the few coins that was trading in the green zone yesterday. But as of the time of writing the coin has joined the current bearish trend losing 9% of its value in the last 24 hours.
Despite this LTC signals positivity in the short term, according to the analysis of the coin. The silver currency, LTC, presents an upward trajectory with a corrective moment at this moment ironically culminating its second wave of Elliot rising, so the projections for its third corrective wave is a profit of up to 11 percentage points in relation to the stipulated lower position of the positive slope.
Its long position is recommended for this stipulated benefit when LTC moves from point B to point C between average levels of $126 to $134 at its maximum projected stop, with maximum resistance levels R1 at $134.488.
EMA 120 days is its key resistance that must break LTC to catapult to levels of R1 after reaching levels B higher than the strong support that rests on S1 @ $ 117.82.
Aroon uptrend begins to give symptoms of descent while his counterpart remains at the top of the chart indicated by the path projected by Elliot Wave Triple Correction.
In the medium term, the LTC scenario is even more encouraging, considering our the general perception the silver altcoin is used by the investors to generate profits that are then transferred to the Bitcoin market to pump up its price.
In the 1D chart for LTC key support is clearly marked EMA 53 Dy at levels of $ 115,068. At this point it is important to note two possibilities, a bearish one where LTC can not manage to reverse the key support and goes to strong support levels set below the hundred in S1 @ $96.43.
The second and most optimistic position of which we consider can be generated more easily is bullish where LTC reaching the point of EMA 53 Dy will hold and pivot to levels of R1 @ $ 160.85 by mid next month with a double profit digit up to 26.73 percent.
To counteract these scenarios, we observed the same 1D chart in Binance for LTC with the respective technical indicators to have a more accurate idea of the possible movement of the altcoin.
On this occasion, we observe that the most feasible scenario will be for LTC to fall to levels of S1 and then rise to maximum levels of R1 by the middle of Q3 2019.
CMF projects the capital outflow of the LTC ecosystem by withdrawing early earnings and closing positions at the current price level.
RSI tells us that the purchasing pressure has decreased on the altcoin because of the profits generated where many investors are closing positions to reopen new orders at different levels to the current one.
DMI tells us that the movement of prices is currently bullish with a curve slightly higher than its counterpart but well below the average projected in the last quarter of the year. it would be interesting to see how it unfolds in the coming weeks.