- While Bitcoin fails to break 11k resistance, Litecoin and the rest of the altcoins experience volume growth.
- The LTC / USD pair has fallen deeply since June 2019, declining 50 percent of its maximum value.
- Fibonacci retracement indicates an ideal entry time in the area near key support.
The cryptocurrency market is experiencing perhaps one of the most anticipated moments of the year, the possible entry into play of the altcoins as Bitcoin fails to break key resistances and begins to fall in prices, giving hopes of a season of ALTS to be around the corner. At the moment we can see significant increases in market volumes and of course in the prices of some important altcoins, including Litecoin (LTC); which has begun to experience price increase of up to + 2.69% at the time of writing according to CoinMarketCap.com.
Litecoin is getting closer and closer to the psychological line of $70 it managed to reach at the beginning of September 2019, but failed to maintain it by descending to a low higher than its key support of $61.542. The silver cryptocurrency tells us in its 1D chart that the decline from the maximum of the year, $145, is quite difficult to reach in the medium term, after its key resistance coincides with the cross death in the Fibonacci retracement of 38.2% at levels of $ 86,934.
For now LTC is indicating an ideal time of entry between the level zone included in the blue rectangle to Key Support of $75 as we approach Fibonacci levels of 23.6% weekend. That could be the catalyst for Litecoin to catapult towards R1 levels @ $ 79.304 and make us think that a major price recovery will be feasible in a few days if it manages to break the key Fibonacci resistance at 38.2% level.
If there is nothing that alters the current market conditions, as happened a couple of days ago with the action of the big Bitcoin Whale that transferred 95,704 BTC, we could then see a firm and sustained growth in the price of LTC with the possibility of reach inglevels of R2 @ $96.86 and R3 @ $108.51.
TECHNICAL INDICATORS
- Awesome Oscillator 1H after failing at the positive trend crossover in the middle of last month, it now presents ever-lowering green histograms in a negative direction that pronounce a projected slope for next week with a bearish pattern change.
- SAR Parabolic 1H is currently presenting bullishness, with an increasingly extensive line below the LTC candlestick chart that it has seen after a doji projecting a large green candle that presumes the upward trend in the short term.
- RSI 1H after seen after the end of August in the oversold zone has made an upward change that already presumes limit levels between the buying and selling pressure of altcoin, and projects a positive change as the purchase pressure on the cryptocurrency increases.
