Litecoin LTC - Continues to melt under a death cross
It is hard to see historically a quick recovery under the strength of a daily death cross. Litecoin has that to deal with and then some. It tried to go over resistance (The green trendline) in a very weak way but both the resistance and trendline meet right where it tried to pop up and when two resistance lines meet the likelihood of a drop is very strong. As we all know LTC is highly dependant on what Bitcoin is doing and there are only a few scenarios; If BTC is going down, LTC will also go down. If BTC goes up LTC may or may not go up. If BTC ranges, LTC may go up or down. BTC is now ranging and LTC is going down, why? Because of the daily cross which is what a lot of alts are about to face or are facing. This is another variable that may push LTC down further a death cross on the 12H for Bitcoin, a light move down in price and that death cross will push a lot of alts down.
Yet another thing that's worth noting is that after the up move BTC did not clear the secondary trendline in the 3D timeframe which was a must. Now it finds itself struggling to go over or simply hang on. I want to be clear on this; IT IS TIME TO JUMP INTO ALTS BUT NOT INTO BTC. You should already be into ETH, BNB, NEO, and LTC. I gave you the signals in the previous days. BTC is looking to go further down, it almost needs to in order to have a healthy move up. It has to go to the 61.8 of the 2019 move which is around 7k. Keep in mind it may just be a quick wick that reaches down to 7K so you have to be ready to jump into BTC or any alts at that point.
THE TREND: Going down.
THE OUTLOOK: Safe to get in now.
Be safe and follow me to stay ahead of the curve.
Yet another thing that's worth noting is that after the up move BTC did not clear the secondary trendline in the 3D timeframe which was a must. Now it finds itself struggling to go over or simply hang on. I want to be clear on this; IT IS TIME TO JUMP INTO ALTS BUT NOT INTO BTC. You should already be into ETH, BNB, NEO, and LTC. I gave you the signals in the previous days. BTC is looking to go further down, it almost needs to in order to have a healthy move up. It has to go to the 61.8 of the 2019 move which is around 7k. Keep in mind it may just be a quick wick that reaches down to 7K so you have to be ready to jump into BTC or any alts at that point.
THE TREND: Going down.
THE OUTLOOK: Safe to get in now.
Be safe and follow me to stay ahead of the curve.
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