Short

Litecoin (LTC) Could Drop to $40-50, In Line With Last Reversal

Updated

Hey guys, just a quick comparison between bear markets for Litecoin. When LTC was at $32, I entered a position with three targets: $60, $100, and $130. Litecoin surpassed $60 (where I took profit and redistributed to some other coins) and headed up near $100 before getting rejected. Based on the rejection and the volume of this move, I think it's likely we have seen the top. This means that if Litecoin were going to follow its previous reversal (and halvening run), we may drop all the way down towards the $40 level before establishing a floor for the next bull cycle, which may take a very long time to play out.

Here is the 2015 chart, where you can see the obvious similarities:

This is not financial advice, This is just a possibility I'm seeing, and it doesn't have to play out.

-Victor Cobra

Note

So far, the rejection at $100 isn't as strong as the rejection at $8 from the last cycle. So there IS a possibility it could push higher from here towards 130...but the charts are too similar at the moment, so I still think a big drop is more likely. Additionally, the rest of the crypto market looks pretty feeble, as buying momentum has dried up for most coins.

Note

Things are actually looking a bit better again for the market. Bitcoin has held surprisingly well, and the drop on altcoins is starting to slow down, as they've found decent support at their current USD valuations. However, I think LTC may have topped out on the Bitcoin ratio, in which case it could stagnate or move lower, even if the rest of the market moves up. I guess we'll see!

Note

We're now at the $130 final target area. If LTC pushes up past there, it'll likely be in a whole new bullish cycle with some much higher targets.

Note

Time for an update, since LTC made it up to the $130 area but then finally retraced to the target area in this analysis.

VictorCobra

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.