CryptocurrenciesStrategy

LITECOIN: First major crypto in confirming the breakage of the 200-DMA

Today has been a great day for the market.

Volume has increased and Bulls seem to come back…but, we have to be careful, this is not done yet!

We must wait for the confirmation of the reversal trend and what better than looking how far are we from the “Golden Cross”?

And what is a “Golden Cross”? you probably ask, well I invite you to visit and read my post of yesterday on which I wrote some information about it (see https://mentormarket.io/cryptocurrencies/toofasteddie/litecoin-how-far-from-the-golden-cross/) but mainly is the crossing of the 50-Day Moving Average line through the 200 Day Moving Average line and, if it is upwards it used to confirm the reversal trend, in this case, a BULL Market.

As anticipated a few weeks ago already, if there is a crypto able to confirm in advance that reversal trend, undoubtedly, it must be LITECOIN.

Of course, today has been one glorious day for the whole market, given that mostly all 100 first major crypto are showing positive profits but, LITECOIN is going beyond the rest because its price finally has crossed the 200-Day Moving Average which is good!!!

This is a first milestone in the way of the confirmation of the reversal trend, which will be finally effective when the 50-Day Moving Average (green Line) will cross the Blue line.

How far is LITECOIN from that point?

I think it is not so far, I keep 15th of March as the expected date, according to the extrapolation (by hand :-)) of both Moving Average lines.

How far are the other Major Coins from that point?

Honestly, I did not find any other Major crypto showing such a good performance but let’s have a look for instance on:

BITCOIN

Do you see the difference? it is still big!

The 200DMA is marking right now 5196 USD while the 50DMA marks 3616 USD. This is 44% difference.

Doing the same exercise, extrapolating lines, perhaps by early May the “Golden Cross” on BITCOIN could appear…

ETHEREUM

Same difference here, 44% but slightly different trend on both lines, seems that both would converge earlier… By beginning of April maybe?

EOS

The situation is even worse in terms of difference between 200DMA and 50DMA marks, 4.17 and 2.60 USD, 55% difference…. Looks a lot but we know how “explosive” can be EOS so, given the extrapolation of both lines trend, beginning of April seems to be a good meeting point as well…

Interesting, isn’t it?

Accumulation Phase is now very close.

Let’s see if the Market can consolidate around the 130 b$ and start growing again from this ground!

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.


Related posts

LTC technical analysis

luis garcia

Taking Profits – Considerations

Bit Brain

Give me Liberty, or give me Death! – Part 2

Bit Brain

Get involved!

Comments

No comments yet
Skip to toolbar