With the crypto markets once again correcting and Bitcoin (BTC) in the $9,600 area, a popular crypto analyst says Litecoin (LTC) is looking increasingly bullish.
The pseudonymous analyst who goes by the name Byzantine General says Litecoin’s price action may once again foreshadow where the market at large is heading, as it often did throughout 2019. The trader is highlighting four technical factors that he says look bullish for the sixth-largest cryptocurrency by market cap.
According to Byzantine, Litecoin’s weekly moving average convergence divergence indicates a positive shift in momentum is underway. In addition, the one-week Ichimoku Cloud is in bullish territory, LTC has flipped a key level of support and resistance at $61.72 and the crypto asset’s weekly supertrend is now bullish.
The trader says LTC needs to stay above the $66 area to remain in bullish territory. At time of publishing, the crypto asset is down 5.34% at $74.32, according to CoinMarketCap.
Bullish W MACD cross
Bullish W ichi cross
Major S/R flip
Weekly supertrend turned bullish
> Imajin not having your entire net worth in #Litecoin right now. pic.twitter.com/QL7DeIRWiP
— Byzantine General (@ByzGeneral) February 23, 2020
As for Bitcoin, Byzantine says $9,500 is now the key number to watch. BTC has struggled to stay above that level since March of last year.
Meanwhile, fellow analyst Josh Rager says he thinks BTC bulls now need to hold the leading cryptocurrency above $9,300 in order to prevent a larger move to the downside.
“Price dropped and bounced near the weekly/daily support around $9,580.
Holding above the $9,550s is a good sign on higher time frames and breaking below the $9,300s will still flip bear bias. Lower time frames in down channel but weekly chart still not confirmed trend reversal.”
Now that BTC has once again shifted firmly below $10,000, Rager is imploring the largest crypto holders in the space to buy in and give BTC a shot in the arm.
Whether whales are interested in doing so remains to be seen.
Dear Bitcoin Whales,
We have all canceled our shorts and are ready for you to take us to $12k
Everyone who owns Bitcoin
— Josh Rager ? (@Josh_Rager) February 24, 2020