Short

Updated

Litecoin

Many traders are bullish on LTC due to the halving. It reminds me a bit of the situation when he was at 100USD and it was just before the crash.
I'm not saying it will happen again here, but the risk in this area will be high.
I like LTC, I would easily put it 1st of all coins.
LTC reliably serves exactly the purpose for which it was created.
I just keep getting the feeling that the whales still haven't reached their destination.

I expected the LTC to start the descent earlier, but maybe this is the target destination for the whales where they are just doing the distribution for +100% profit and then start the migration to the plankton rich area.
I have no idea if it will happen, but if you choose a part of the profit at this point or set a stop loss appropriately and do not enter leveraged long positions here, I think it will be reasonable.

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I didn't expect LTC to go this far, so I don't dare to guess if it's the end or if his favorite ending 30% pump will follow.

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LTC is currently exactly in the area where the big decline followed in May, this may not happen again, but a test of the trend line in the 82 USD area is likely.

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LTC is at a decision point.
The ascending channel has not yet been broken.
If the channel holds, the bulls will head for $120, but at the moment it is quite uncertain, LTC is at a point with a possible 100% profit for 28 days, if the distribution took place, there is a risk that it currently gives a chance to buy on support and subsequently there will be a breakthrough under.
But this will be confirmed after the lower trend line is broken and confirmed as resistance.
If this happens, I expect a subsequent significant downward movement.

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LTC potential bearish flag in log. chart.
Bulls lose strength, after 50 days they return to the same place, for bullish continuation it is necessary to break above the red zone.
I don't want to say that it's impossible, because LTC has surprised me several times, but I have to admit that there are a lot of obstacles.
If the line is broken in the 75 USD area and confirmed as resistance, a bearish flag can play out.

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A breakout of LTC below an ascending channel, if previous support is confirmed as resistance, can create a descending channel into the demand zone.

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Bears are strong, currently trying to break the support in the log. chart.

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LTC immediately broke through the descending channel that I prepared for him there, I expect further decline.
Watch out for the SP500

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Trade active

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Just as I expected, rejection from the broken descending channel.

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There is a good chance that the bulls will take the $60 area for a while and there will be a temporary pullback, but this is crypto, so I have an idea in reserve for the extreme case that the bears manage to break below $60, followed by a decline to the previous low.
The whales re-suck the plankton and create a double bottom (attracts the bulls).
Bear flag test (+50%).

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Middle path at breaking 60 usd and the same potential 50% profit.

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The LTC may currently be in the end zone if the rejection occurs.
I don't think he would have given the people trapped above a chance to leave without loss.
Only a valid breakout back above the trendline will invalidate this idea.

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Looks like rally time is running out.
If the bulls fail to break through the resistance and close there, then LTC will not levitate here.
I think the bears will head for the June low area.
If there was a drop even lower, I consider it a premium price for the next cycle.

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LTC is probably preparing for a false breakout from the descending channel.
A subsequent liquidation of the short positions can make his favorite 40% finish.
Buyers after a break through resistance will provide liquidity for distribution.

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LTC will soon have to decide on a direction, show a pump that will grab the market's attention, and a lot of traders will jump on the bandwagon that is crashing.
If I'm not mistaken, LTC is currently trading below the top of the descending channel, the RSI at 1M also suggests it is at the top.
I'll wait for a breakthrough, I don't like to bend over for soap.

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LTC broke down, so it looks like there won't be a fake pump, but it is necessary to wait for a valid closing below.

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I have no reason to change the settings for LTC, regardless of the movement that occurs here, it is very likely that there will be a dip afterwards.

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Probably retest on LTC.
Short positions need to be expelled and liquidated, then lure the bulls, even if they return to the pattern, nothing changes.
Only a valid close above the descending channel makes sense to solve, but that won't happen.

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This bear market rally compared to 2019 is pretty ridiculous.
For the fifth month, constant liquidation of short and long positions on the top, so that the market maker can get as much money as possible from people.

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This is why I see a problem with LTC.
A potential bearish flag that has formed below the broken support that stretches back to 2015.
Flag with a target of $27-32.
Below $27, the room for a big decline starts, this would put LTC to sleep for a long time (low probability)
Currently still under lateral trend line resistance.
If I compare it with the beginning of June 2020, I see the opposite situation.
This is not trading advice, just my opinion on the situation I see here, if it breaks higher the situation may change.

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So LTC finally did its final 40% pump fake, first dropping it, luring it short and then breaking through the sideways trend line, luring FOMO buyers there and currently back below the trend line.
Sell News is coming, so let's see where it goes.

trader-123456

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