My Son Wants To Buy Litecoin, Technically He Is Right

Some of you may have noted over the weekend that I highlighted my 13 year old entrepreneurial son had opened a Stash account to invest in stocks and bought his first Etherium. He has been entrepreneurial since I can remember, knocking on every neighbor’s door and asking if they need a dog walker. The Stash account is on hold for now as he works on getting a Government issued photo id. Tough to get the the Bureau of Motor Vehicles when they are only open during school hours. But Etherium is now over $500 and he has his sights set on Litecoin. And I think he may be on the right track. He just texted me from the bus to school and is buying some.

The chart below shows the story. Like Bitcoin it went through a monster run to the upside late last year. And then it fell back in a channel to a low in February. That retraced the entire December jump. It bounced in mid February,, but stalled at a lower high and turned back lower, finding support at the same low.

Litecoin held at that low, consolidating for almost a month until it started to creep higher last week. As it consolidated the Bollinger Bands® squeezed in and they are now opening as it moves higher. The RSI is also pushing up, clearing the mid line as it rises. The MACD is crossed up and rising, about to turn positive. The easiest set up is to the upside for Litecoin right now.

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