Litecoin Bearish Wedge, Leading the Market?
Updated
The market is still a bit in the confusing/neutral zone at the moment. LTC might be the only one that is showing a clear sign here. The pattern on the right is quite bearish, volume is clearly dropping while moving up in a bearish wedge shape.
Think for LTC to become neutral/bullish, it needs to break 65. A shake out wick up for LTC (and for BTC) is also still a likely option since that usually happens before we see a real move. On the left i have drawn a mid-term picture (assuming this wedge plays out of course). Suggests a drop to the low 50 where we want to see either a V shape low of a bottom formation that takes a week or 2 to form. But that is getting ahead of things.
Would of course also keep an eye out for Bitcoin, for that i suggest to follow my Bitcoin analysis. There we are still moving below the 9250 resistance, but it does not show us if we are seeing a small top formation or a bull flag here from past 2 days.
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Previous analysis:
Think for LTC to become neutral/bullish, it needs to break 65. A shake out wick up for LTC (and for BTC) is also still a likely option since that usually happens before we see a real move. On the left i have drawn a mid-term picture (assuming this wedge plays out of course). Suggests a drop to the low 50 where we want to see either a V shape low of a bottom formation that takes a week or 2 to form. But that is getting ahead of things.
Would of course also keep an eye out for Bitcoin, for that i suggest to follow my Bitcoin analysis. There we are still moving below the 9250 resistance, but it does not show us if we are seeing a small top formation or a bull flag here from past 2 days.
Don't forget to like if you appreciate this :)
Previous analysis:
Note
Bearish wedge played out almost perfectly here, target reached, over reached even (similar to ETH). Alts look like crap, no doubt about that now. I would say, it's time for a bounce up, at least a little bit but hard to say, everything looks completely dead at the moment. On the left we can see it's following te blue line, good chance it will play out because LTC is already at the lows from week ago. Think from now on, 60ish is an important level for the bulls to break. So even if we go up from here, but not being able to break 60ish, big chance that blue line on the left will play out.
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