No sign of a bottom for Litecoin
It's hard to find any reason to be bullish on the technicals of Litecoin.
Yesterday saw a test of of the 21 Daily EMA plus key resistance of its February breakout.
We also have a bearish cross on the stochastics and no signs of RSI divergence yet on the higher timeframes, hinting at further downside to come.
With so much confluence it's likely many will be jumping on a short trade on a break of yesterday's low at around $40.20, with stop loss around $42.70.
Litecoin has often been a leading indicator for Bitcoin in the past but it's yet to be seen whether BTC, which is showing some signs of strength, will follow. BTC might instead follow precious metals which are looking bullish.
Yesterday saw a test of of the 21 Daily EMA plus key resistance of its February breakout.
We also have a bearish cross on the stochastics and no signs of RSI divergence yet on the higher timeframes, hinting at further downside to come.
With so much confluence it's likely many will be jumping on a short trade on a break of yesterday's low at around $40.20, with stop loss around $42.70.
Litecoin has often been a leading indicator for Bitcoin in the past but it's yet to be seen whether BTC, which is showing some signs of strength, will follow. BTC might instead follow precious metals which are looking bullish.
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