In at this time’s episode of NewsBTC’s each day technical evaluation movies we’re analyzing Litecoin after a ten% intraday transfer to see if it should flip right into a broader crypto market rally.
Check out the video beneath:
VIDEO: Litecoin Value Evaluation (LTCUSD): November 2, 2022
Weekly LTCUSD Chart Exhibits Tightest Bollinger Bands In 5 Years
On each day timeframes (proven solely within the video), Litecoin is outdoors of the higher Bollinger Bands, above the Ichimoku cloud, has tagged the Parabolic SAR, and given purchase sign on the SuperTrend. LTCUSD each day additionally took out the 50– day and 100-day transferring common and is flirting with the 200-day transferring common.
Weekly technical indicators additionally assist 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
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Litecoin Bottoms In Section With Previous Cycle Troughs
On month-to-month timeframes, LTCUSD is flipping bullish and turning inexperienced on the Fisher Rework. Pictured is the iFish Smoothed model, created by MoeMentum on TradingView. The Fisher Rework helps to pinpoint cyclical turning factors in markets. Including in cyclical timing instruments reveals that the cycle troughs are almost completely in part.
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 pattern 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 all the way down to the decrease pattern 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 ultimate wave up in Litecoin produced greater than 9,000% ROI. It occurred simply because the Bollinger Bands on weekly timeframes have been as tight as they’re proper now. Whereas 9,000% received’t be doable once more, the height of Wave 5 may very well be someplace round $1,500, or roughly 3,000% in ROI.
