Litecoin LTC Daily Close 160/172 Range
Week ago I posted a few times about the daily candle of LTC, showing that i was important for the bull to keep the close above 160. On the other hand, it also seemed as if bears were defending the 172 (maybe 176) daily close. So far bulls managed to hold the support and 2 days ago the 172 broke. Because BTC seems to be in a correction wave (assuming 38.5kish holds), but LTC and most other alts are much weaker still. So on the left we can see that bulls have failed to hold the 172 support, but the we still have half a day left. Even if we close below 172 doesn't mean we dump, but obviously is not good at all.
Maybe the weakness past days was because of that trend line on the left, would make sense because BTC never broke the 40/42 big resistance zone, so it could be that alt buyers are still not confident to really buy if BTC doesn't really make huge steps. We should not forget, alts were mascaraed past month. I also keep hearing more often that people have been selling their bags lately because they don't feel confident about it. This sentiment, fits perfectly in a bullish version, to see people sell at the lows and then see them buy back much higher (and help the whales who are buying the lows) to push through the resistances. This part here are just assumptions of course, but for the ones who lived through 2018, know that most people are very bearish/negative/hopeless at the lows and the opposite at the highs.
Anyway, the TA part. If we would see LTC hold 166/7 today (that possible channel on the right), there is still hope. Think if we break this level, would be very difficult to be bullish short term. So that is the first part bulls need to show.
Second, a realistic scenario, assuming BTC won't dump but alts still remain weak, is the blue line on the left. If we would see the coming days, that LTC stays very close to that black resistance line, like 2/4 days, chances will be very big to see it eventually break and see a breakout up. So, this scenario would be the easiest one to play, I have good experiences with this setup.
So bulls do not want to see a daily close below 172ish, obviously the higher it gets above the 172 the better it is. If the 176ish breaks, it's neutral to slightly bearish to me. Think a daily close below the 160ish, is probably very bad news. Think that would also mean that Bitcoin probably failed in it's attempt to break the 40/42K coming week and start to dump again.
Big picture, as long as we do not see a 20/30% plus day for alts coming week or 2, even if BTC rallies, i think for alts it will be very limited. We saw these period in 2018 and 2019 as well, where BTC was doing it's thing but alts were underperforming big time and eventually everything was crashing again. So a 20/30% day has to happen at least once!
Previous analysis:
Maybe the weakness past days was because of that trend line on the left, would make sense because BTC never broke the 40/42 big resistance zone, so it could be that alt buyers are still not confident to really buy if BTC doesn't really make huge steps. We should not forget, alts were mascaraed past month. I also keep hearing more often that people have been selling their bags lately because they don't feel confident about it. This sentiment, fits perfectly in a bullish version, to see people sell at the lows and then see them buy back much higher (and help the whales who are buying the lows) to push through the resistances. This part here are just assumptions of course, but for the ones who lived through 2018, know that most people are very bearish/negative/hopeless at the lows and the opposite at the highs.
Anyway, the TA part. If we would see LTC hold 166/7 today (that possible channel on the right), there is still hope. Think if we break this level, would be very difficult to be bullish short term. So that is the first part bulls need to show.
Second, a realistic scenario, assuming BTC won't dump but alts still remain weak, is the blue line on the left. If we would see the coming days, that LTC stays very close to that black resistance line, like 2/4 days, chances will be very big to see it eventually break and see a breakout up. So, this scenario would be the easiest one to play, I have good experiences with this setup.
So bulls do not want to see a daily close below 172ish, obviously the higher it gets above the 172 the better it is. If the 176ish breaks, it's neutral to slightly bearish to me. Think a daily close below the 160ish, is probably very bad news. Think that would also mean that Bitcoin probably failed in it's attempt to break the 40/42K coming week and start to dump again.
Big picture, as long as we do not see a 20/30% plus day for alts coming week or 2, even if BTC rallies, i think for alts it will be very limited. We saw these period in 2018 and 2019 as well, where BTC was doing it's thing but alts were underperforming big time and eventually everything was crashing again. So a 20/30% day has to happen at least once!
Previous analysis:
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