LTC Bullish cycle is still yet to start

LTC Bullish cycle is still yet to start

Litecoin / Dollar BITFINEX:LTCUSD


Whilst cryptocurrencies look like they are recovering this week, using a wider chart we can gather a better picture on price. This analysis looks at LTC on the monthly time frame to gather a longer term view on price. Using fib retracement levels and the trend line it is clear that price is still yet to decrease to support level . Once price reaches this level, I expect it to increase and break through the trend line which then starts the next bullish cycle for the year where we see new highs. I believe all main cryptocurrencies will follow this pattern, a large decrease is still to come. But once that’s over, we can expect new highs in the coming year for all coins.