LTC dropped over 30% after a very nice bull run. With BTC reaching near ATH levels, the whole market corrected, including LTC which broke the parabola in pink and the Fib 23.6% level. This all meant that we were headed much lower.
Now we are getting closer to support areas found between $61 and $56. We are still in a very sharp downtrend which will likely break soon (the dashed line). There is also a bullish divergence forming on RSI which indicates we will take a break from this fall. However, that may be a short relief before we go lower to test the high $50's as support.
Bias is bearish until we find support, thus be careful if you long any relief / bounces.
In any event, watch BTC as that will be a leading indicator for LTC.
Now we are getting closer to support areas found between $61 and $56. We are still in a very sharp downtrend which will likely break soon (the dashed line). There is also a bullish divergence forming on RSI which indicates we will take a break from this fall. However, that may be a short relief before we go lower to test the high $50's as support.
Bias is bearish until we find support, thus be careful if you long any relief / bounces.
In any event, watch BTC as that will be a leading indicator for LTC.
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📣 Find more Alpha by joining Your Crypto Community 🔰 LINKs BELOW 🔰
🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
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🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
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.