One cannot deny that Litecoin has performed remarkably since LTCUSD bottomed in mid-December of 2018. Since then, LTCUSD has appreciated by nearly sevenfold, outperforming most major cryptocurrencies including Bitcoin.
That being said, while I am still a Litecoin bull, LTCUSD needs to continue to show strength as we approach the resistance levels which were formed and tested during December 2017, February 2018 and May 2018. We must also note that the halving of Litecoin supply is approaching (currently scheduled to take place on August 7th, 2019). The last halving took place during August of 2015.
During previous halving cycles, Litecoin has exhibited very bullish behavior leading up to the halving, followed by bearish price action and an accumulation period during and after the halving occurs.
While I personally believe that there is strength in the markets that could continue to push Litecoin to new highs even as the halving occurs (contrary to past halving cycles), let's assume that bearish price action will occur shortly after the halving takes place.
In order to see new all-time highs and parabolic price movement (as seen in December of 2017), Litecoin will need to demonstrate strength at previous resistance levels before "clear skies" are truly ahead. If we assume that price action will mirror that of previous halving cycles, this will need to take place before the halving. Numerically, this means that Litecoin will need to 3x in under 2 months just to break resistance levels and reach previous all time highs. Traders should remain cautious and use trailing stops as Litecoin approaches these highs.
That being said, while I am still a Litecoin bull, LTCUSD needs to continue to show strength as we approach the resistance levels which were formed and tested during December 2017, February 2018 and May 2018. We must also note that the halving of Litecoin supply is approaching (currently scheduled to take place on August 7th, 2019). The last halving took place during August of 2015.
During previous halving cycles, Litecoin has exhibited very bullish behavior leading up to the halving, followed by bearish price action and an accumulation period during and after the halving occurs.
While I personally believe that there is strength in the markets that could continue to push Litecoin to new highs even as the halving occurs (contrary to past halving cycles), let's assume that bearish price action will occur shortly after the halving takes place.
In order to see new all-time highs and parabolic price movement (as seen in December of 2017), Litecoin will need to demonstrate strength at previous resistance levels before "clear skies" are truly ahead. If we assume that price action will mirror that of previous halving cycles, this will need to take place before the halving. Numerically, this means that Litecoin will need to 3x in under 2 months just to break resistance levels and reach previous all time highs. Traders should remain cautious and use trailing stops as Litecoin approaches these highs.