Short

Updated

LTC

Litecoin

Game Plan for LTC _ Update _ Possible Double Bottom 4H

Not the financial board.
Just for fun.

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Note

There is a possibility that the range above 90 will no longer be broken in this cycle.
After the dead cat bounces, there will be an effort to fill the bags at the lowest possible price.

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LTC is currently in its buy channel, but will probably go under it.
Unless there is a breakthrough over both resistance.
It is likely to fall back to strong support around $ 55, a reflection of $ 12 up to $ 67 and a subsequent drop of around $ 40.
Returns at the beginning of September under support at $ 55 and subsequent correction may fall to $ 22.
If a valid breakout and closing above the resistance occurs earlier, this setting will not be valid.

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I use Litecoin as an indicator of what stage the crypto market is in because it's not a shitcoin or a meme coin.
So there is no noise around.
There hasn't been a close this long (50 days) below major support since 2017.
If it fails to close above the (valid) support, I expect a more than 50% downward correction by early September at the latest.

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A possible way if there is no turnaround.

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I would wait to buy on a valid close above $65 or buy much lower later.

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The chart clearly shows that there has been no change in the market yet, LTC is still under support (unless there is a valid cap above $65), the current situation seems to me to be set up for the big players starting to come back and may short the market.
It's simple, whoever tried to catch the bottom will likely provide liquidity, LTC is 60% higher than the low and that would be an incentive for the big players to drop it now.
I still see more than a -50% drop in BTC and LTC before the market turns around.

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LTC still in a decisive phase and the September correction is already a tradition.

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Still no close above $65.

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LTC is trying to break through further support to reach the area of the previous low.

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The countdown to start the drop on LTC has already started.

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On LTC, I see a Rising Wedge formation that breakouts the lower trend line and then rejects it.
In an ideal world, this is short, but the market is far from an ideal world.
It is possible to liquidate short positions, distribute and subsequently liquidate long positions.

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The bears are roaring at me from the LTC chart.
If this setup results in a bullish move (I don't mean only Fakeout - that is permissible).
I'm referring to a bullish movement, which subsequently canceled the resistances above it and the market would immediately be flooded with sunshine.
If such a situation were to arise, I would write it down in my diary as the most elaborate bear trap.
And in the future I would have trouble using patterns for analysis.
I would understand that the creator can do whatever he wants with the chart.

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As I expected, the beginning of the descent began on the 13th. The retest is currently underway and if it is rejected I would expect a more significant move.

trader-123456

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