In at present’s episode of NewsBTC’s every day technical evaluation movies we’re analyzing Litecoin after a ten% intraday transfer to see if it can flip right into a broader crypto market rally.
Check out the video beneath:
VIDEO: Litecoin Worth Evaluation (LTCUSD): November 2, 2022
Weekly LTCUSD Chart Reveals Tightest Bollinger Bands In 5 Years
On every day timeframes (proven solely within the video), Litecoin is exterior of the higher Bollinger Bands, above the Ichimoku cloud, has tagged the Parabolic SAR, and given purchase sign on the SuperTrend. LTCUSD every day additionally took out the 50– day and 100-day shifting common and is flirting with the 200-day shifting common.
Weekly technical indicators additionally help a bigger bullish transfer. Litecoin has reclaimed the middle-Bollinger Band after which the Tenkan-sen on the Ichimoku.
How tight the Bollinger Bands are are particularly notable, as they’re the tightest in over 5 years, and the tightest for the reason that final time Litecoin vastly outperformed Bitcoin.
The Bollinger Bands are the tightest in 5 years | Supply: LTCUSD on TradingView.com
Associated Studying: Trick Or Deal with For Bitcoin On Halloween Night time? | BTCUSD Evaluation October 31, 2022
Litecoin Bottoms In Part With Previous Cycle Troughs
On month-to-month timeframes, LTCUSD is flipping bullish and turning inexperienced on the Fisher Remodel. Pictured is the iFish Smoothed model, created by MoeMentum on TradingView. The Fisher Remodel helps to pinpoint cyclical turning factors in markets. Including in cyclical timing instruments reveals that the cycle troughs are practically completely in section.
Elliott Wave Factors To Grand Finale In Crypto Bull Market
The as soon as top-ten cryptocurrency seems to have shaped a long-term channel, and is bouncing from the very backside of the upward sloping development line.
Elliott Wave counting means that Litecoin may very well be about to embark on impulse Wave 5 of an increasing diagonal, after finishing a Wave 4 correction again right down to the decrease development line. Increasing diagonals alternate between impulse waves and corrective waves from the zig-zag household. Zig-zags are typical ABC corrections. Wave 2 could be extra easy in construction, whereas Wave 4 was advanced.
The final last wave up in Litecoin produced greater than 9,000% ROI. It occurred simply because the Bollinger Bands on weekly timeframes had been as tight as they’re proper now. Whereas 9,000% gained’t be doable once more, the height of Wave 5 may very well be someplace round $1,500, or roughly 3,000% in ROI.
