Litecoin has had an amazing rise lately, however there are signs of Bulls exhaustion these days.
one side, LITECOIN seems to have completed the 5 waves rise in a very
consistent manner, by the other, Volume has decreased dramatically with
each Higher high, which is again a sign of exhaustion.
Also, as I said a few days ago, the “relative Strength Index” shows a clear downtrend.
Both, volume and RSI seem to indicate a clear “Bearish Divergence” here, so, why not taking advantage of this situation?
Looking for a good entry point I would choose 0.618 FIBO retracement Level as the more likely in order to start another Bull run upwards and thus, the generation of a 3rd wave of a major degree. Something like the following projection on the Daily Chart:
There is also one event for the coming months and it is the next Halving of LITECOIN, planned by mid August this year. Historically for BITCOIN and also LITECOIN, halvings were preceded months in advance by significant price growth and full-fledged bull markets after the event.
Would LITECOIN be able to keep moving between the two Blue curved lines at the Logarithmic Chart?
…Well, it looks a little bit forced but not impossible at all.
Crossing fingers we have touched already the bottom and we are just starting the accumulation phase at the crypto market, so, if we have arrived till here who cares about waiting for a few months more and see what seems historically planned?
I am going to keep sailing these waves anyway!
*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.