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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

WATCH: Can Litecoin Lead A Crypto Recovery (Again?) | Daily TA August 29, 2022

Tony "The Bull" Severino
Tony "The Bull" Severino
2 years ago
4 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at Litecoin, the LTCBTC and LTCETH trading pairs, and how the cryptocurrency could lead the crypto rally and outperform both Bitcoin and Ethereum.

Take a look at the video below.

VIDEO: Litecoin Price Analysis (LTCUSD): August 29, 2022

Litecoin went from an enthusiast favorite during the 2017 bull run to one of the most hated coins due to its laggard tendencies and limited design. Although naysayers do have a point, the cryptocurrency works a lot like Bitcoin but faster.  It also enjoys regulatory acceptance allowing to on the list of major brands like PayPal – in which it is the cheapest coin on the list.

Related Reading

Bitcoin price BTCUSD august 22 2022

WATCH: Powell Versus Bitcoin Price Log Curve | Daily TA August 26, 2022

1 year ago

Litecoin Weekly Could Trigger RSI Buy Signal

Looking at the weekly Relative Strength Index and LMACD, things look a lot more healthy for Litecoin than other top cryptocurrencies. With a little push, Litecoin could set a higher high on the RSI. This is a buy signal according to the tool’s creator, J. Welles Wilder Jr. and in the past it started off major bull runs in LTC, especially when combined with a breakout of RSI downtrend resistance line.

Using time cycles, we can see that the RSI, LMACD, and price bottoms at similar points. Hurst cycle theory allows for cycles to be up to 10% out of phase in either direction. The slight discrepancy in the rhythm at our current bottom is totally within an acceptable range. Finally, the LMACD has topped and bottomed at the same converging trend lines all throughout the history of Litecoin price action. Litecoin has potentially found support at this very trend line.

LTCUSD_2022-08-29_13-22-41

Has Litecoin found a bottom? | Source: BTCUSD on TradingView.com

LTCBTC: Momentum Might Be Ready To Change In A Major Way

Switching over to the LTCBTC trading pair, we can see that the monthly LMACD is turned green and the RSI has broken out of a downtrend resistance line. Much like the USD pair, making a higher high could be a sign of a buy signal. 

The previous cycle on the ratio followed a similar pattern. The first attempt at breakout out and crossing bullish fails, leading to more downside. The second attempt was likely subject to similar sentiment as there is now. The previous failure combined with relative underperformance next to BTC caused Litecoin holders to capitulate right before the eventual turning point – turning pointed that gave over 500% overperformance against Bitcoin.

LTCBTC_2022-08-29_13-23-29

A major momentum change could confirm | Source: LTCBTC on TradingView.com

LTCETH: Can The Dying Altcoin Defeat The Merge

Litecoin outperforming Ethereum is a tougher sell considering the upcoming Merge. The merge will improve Ethereum tokenomics toward price appreciation, making the cryptocurrency very attractive by comparison. However, even the LTCETH trading pair looks as though momentum is ready to turn.

Related Reading

Ethereum ETHBTC

WATCH: Crypto Technical Analysis August 23, 2022: Ethereum Versus Bitcoin (ETHBTC)

2 years ago

LTCETH_2022-08-29_13-23-50

Can momentum turn even with the Merge on its way? | Source: LTCETH on TradingView.com

Comparing Coins: Bitcoin And Ethereum Long-Term View

In our last chart, we once again are comparing Litecoin to Bitcoin and Ethereum, but side by side using USD pairs to demonstrate that Litecoin tends to outperform both assets towards the end of a crypto market cycle. Although Litecoin lags behind Bitcoin, clearly during the last cycle once momentum turned, the move was massive. Litecoin rallied from $4, to $400 per coin in just over two-thirds of a year.

BTCUSD_2022-08-29_13-25-23

Will Litecoin outperform again? | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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