Also 1d chart for ltc/btc:
The vast majority of litecoin weak hands sold at a loss at some point throughout that epic 2 year downtrend. Any remaining weak hands who were looking to get out on a bounce sold on this last correction. IMO everyone who wanted out is out of this market, plenty of room to rise now, how high who knows, but this chart is just a guess on the next few weeks if we do reverse here and break the $27-$29 range.
Expecting a bounce, if not then a test of the low .01's is likely.
Inverse H + S forming on ltc/btc
Second, wow that was a nice fall, good trade there if you were paying attention--when we broke that trendline we went all the way from $24.5-->19 or so. I have to think a bounce is coming here, we made all the way back down to the channel on the 1d chart and the 50 MA, and there's still a great hidden bull divergence there. If you take a look at the 4h we also made it all the way back down to the 50 fib which *should be good support.
In terms of ltc/btc, we also made it back down to the .618 fib for another retest.
- weak hands sold at a loss at some point throughout that epic 2 year downtrend.
- Any remaining weak hands who were looking to get out on a bounce sold on this last correction.
- plenty of room to rise now.
Also other positive factors i see:
- Hashrate infra is still growing thanks to new vendors that started supplying more efficient gear
- Difficulty is skyrocketing therefore reducing supply further
- Micro payment merchants are taking notice as Bitcoin fees are no longer suitable for micropayments
- Yet still one of the most liquid and widely traded high cap altcoins that survived since its inception and always remains in top 5