LTCBTC Positive bullish breakthroughLitecoin is a peer-to-peer cryptocurrency similar to Bitcoin. Litecoin was created by Charles Lee, a former Google engineer, with the intent to improve a few of Bitcoin technical aspects, viewed as shortcomings by the developer like block times and hashing algorithm.
After a sharp decrease on 10th of January LTC performs good two past weeks. Its grow and decrease cycles become twice shorter each period. It took LTC 168 bars to drop and reach the local maximum again, then 84 bars. We forecast the next cycle will be 42 bars long which corresponds support uptrend line.
Conclusion:
Litecoin gains momentum and is good for long term investments now. In the short term it is better to wait 1-2 days till the price touches the support trend line in the end of 42 bars cycle.
We recommend to use our short term signal to buy LTC at the most favorable point and follow our strategy to maximize profit from targets, then after consolidation leave a small bag for long term hold
