Stochastic RSIThe three-day and two-week Stochastic Relative Strength Index (RSI) shows a definite lower-high pattern emerging since the middle of 2017. At the time of writing, the index shows signs of LTC being heavily oversold (red line) and most likely prepped to make a bounce back up towards the descending line (pink) in the area of 30-40.
Reversal ScenariosNovember has not been a particularly profitable month for Litecoin as the past three weeks have crashed the coin through the $50 support (green) down towards the $25 support (orange). The possibility for a reversal in Litecoin at this point is almost entirely dependant on a bounce in Bitcoin price. [bctt tweet=”If Bitcoin is successful in holding above the $3,700 support then Litecoin should have no problem keeping its head above water between $25 and $30.” username=”beincrypto”] If the same pattern plays out as it did in 2014, where an 82 percent loss in BTC equates to a 95 percent loss in LTC, we could see a further dip in price to the $15 level before attempting to break out of the descending line again. There is a very small chance that Litecoin could return to single digits in late 2019 depending on the state of the cryptocurrency market. Predicting a bottom is never a sure thing and one should always be diligent in researching and monitoring any sort of short-to-medium term position taken in this bear market. Will Litecoin (LTC) find a bottom before the end of 2018? How long before it reaches a new all-time high? Let us know your thoughts in the comments below! Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. The author of this article does not hold LTC.
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