IvanLabrie
Short

LTCBTC: Litecoin bound to severely underperform Bitcoin

BTCE:LTCBTC   Litecoin / Bitcoin
It would appear as if the bear market in Litecoin is still valid.
The previous trend signal has a very bearish target for the coming 8 months, and there's a possibility of getting a new bearish signal, from a lower starting point. This is indeed, very bearish , and is confirmed by rgmov (not shown here) retracing but not forming a new 44 bar high (we recently had a new 44 bar low).

The Litecoin/Dollar chart is bearish , we have an overbought rally which was clearly rejected, and price sliding down from all support levels, with weekly bars expanding range down. It'd take a miracle to revive Litecoin at this point, and it seems to be eaten alive by the mining supply.

This doesn't discount the possibility of an artificial rally to emerge from lower support levels, or from here but it would take a strong push above this month's high and above both 8 month levels.
It'd be a stretch to have any kind of bullish bias for Litecoin, so, abandon ship, or look to go short if we hit the range expansion level this month, at 0.01079.

Regards,

Ivan Labrie
Time at Mode FX
Comment: Not much going on yet, this one takes at least 3 months to move, if it doesn't get invalidated and if range expands down that is. For now it's a viable thesis. First target is en route.
Comment: Downtrend active. Aiming for targets: 0.00587-0.00284-0.00134
Comment: En route.
Comment:
snapshot


The slow death of LTCBTC.

If the blue box fails as support, ltc will continue to fall.
Comment: You can see we bottomed at the target #1 for the decline. For now at least.
Clear and precise analysis, very interesting, as usual. Thank you Ivan.
+1 Reply
@EthER13, welcome, thanks for the kind words.
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re your target 1 from 18 MONTHS AGO; damn, spot on.
+1 Reply
@dub00, it was likely to act like a bottom. It happened to show a reaction there, which was logical. Still, I'd rather not buy it, due to how bad it has performed historically, among other factors I mentioned above.
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Great chart, well done. Things have changed drastically for ltc though, it is in no way dead. At the time of writing, big cool down, but new highs are coming this year on segwit activation.
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LTCBTC D RSI is oversold while BTCUSD D RSI is overbought and MACD+Sig have departed the histogram signaling another leg down for the pair. Get ready for another LTC pop gents!
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I wouldn't know...my chart calls for lower lows.
Good luck though.
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MrKalash IvanLabrie
Well Ive been wrong before. A lot, lol. Mostly I call it too early and get faked out by the last dump before the pump. The Chinese have a talent for getting you to abandon the chikun right before it flies.
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It's an art form...review my previews charts.
I wouldn't jump to conclusions too soon with ltc or btc.
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I'm confused about your latest update comment here. Are we en route for LTCUSD to go up or down, given that it follows BTC, which is going up?
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