Litecoin Daily Chart... Weakness for sure
Being completely objective with the chart here but LTCUSD looks horrible in comparison to the other crypto charts. BTC, ETH and a ton of shitcoins have all broken out of the multi month downtrend channel that started back at the all time highs. Most have had bullish MACD crosses and are above or at least challenging their 50/200 DMA. Can't say anything like that is present in the current LTC charts. Still below both the 50 and 200 DMA, which is also weaker than most of the other crypto charts. This descending triangle looks and feels like it might break to the downside here and we'll see $100 LTC again.
You can make a bullish case that this is the 4th time LTC has touched the breakout point in the triangle, it's due to bust out..... maybe... but where is it? It should have happened already. If LTC doesn't pop out of this triangle soon, It's most likely going lower.
I guess if you had to make a bullish case for LTC and say that in the recent downtrend, it never had a death cross (200 DMA crossing below the 50 DMA). You could possibly show that LTC did hold up better during bearish phases in the past. I agree that many times LTC does display relative strength when the overall crypto markets get in trouble.
Bottom line, needs to bust out of this downtrend channel... like BTC and many other cryptos have done. LTC is late to the crypto rally and has the weakest chart out of the top tier cryptos.
What do you think? Please let me know below?
You can make a bullish case that this is the 4th time LTC has touched the breakout point in the triangle, it's due to bust out..... maybe... but where is it? It should have happened already. If LTC doesn't pop out of this triangle soon, It's most likely going lower.
I guess if you had to make a bullish case for LTC and say that in the recent downtrend, it never had a death cross (200 DMA crossing below the 50 DMA). You could possibly show that LTC did hold up better during bearish phases in the past. I agree that many times LTC does display relative strength when the overall crypto markets get in trouble.
Bottom line, needs to bust out of this downtrend channel... like BTC and many other cryptos have done. LTC is late to the crypto rally and has the weakest chart out of the top tier cryptos.
What do you think? Please let me know below?
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