The LTCBTC Chikun Egg just be hatchingI see this and I am obviously biased, but it's really hard to see a bearish scenario here. When I say "hatching" I mean Litecoin/BTC has broken through some serious resistance above the 50W EMA. If we see another weekly close above here that would be mega bullish.
First, lets looks at resistances. Drawn in purple dotted lines are the first short term resistance I see LTC encountering. Prior resistance was briefly broken on last weeks high wick compared to the high during the week of December 21, 2020, thus creating a very small higher high. Up next is breaking through and closing above .005 which is the most immediate resistance point we have to face (no line drawn). It's worth noting that in the short term while the 21W EMA (blue) recovers we may at some point retest it. Right now we're battling with the 50W though. If history is any indicator, the last time LTCBTC touched .003 in Feb 2017, the 21W EMA violently went up against and above the 50W, we could see similar price/ratio action here in the coming weeks. It may not last long though, again if history is any indicator. LTCBTC seems to unfortunately spend most of its time under the 50W EMA, it has been major resistance since June 2019. The fact that we are breaking through it is MEGA bullish to me. Screw the recent selloff we saw in the last few days lol.
Some more upcoming resistance that is noteworthy is around .008 which is confluent resistance with Feb 2020 highs and also the 200W EMA. That will make it harder to break through, but in my eyes, it's just a matter of time before we have the pleasure of testing it soon. The 200W EMA will be a monster to break through but if we clear it OH MAN am I getting a girlfriend.
I don't have a lot to say about support levels since we haven't created much in the way of support yet. The first support would be created at the 50W EMA but so far that would be weak, the stronger support would be around the 21W EMA.
I'm not sure how good of TA this is, but the MAC'D seems to be in a long term equilibrium, and as we see it begin to narrow down and break out, this may take off like it has in the past.
Lastly, one of my favorite things to see here is the RSI. Not much explanation is needed, just look at that 'beaut. That Brontosaurus head peeking through the tops of the tree-line is quite majestic if I do say so myself.
All of these factors converging leave me no choice but to be bullish. Leave your thoughts below This is not financial advice to buy/sell/hold Litecoin or Bitcoin. This is meant for your entertainment only, viewer discretion is advised.
