The composite man accumulates, the composite man unleashes hype, and the composite man dumps all during the run up and specially on hype peak.
SegWit hype is running over, it is now clear that it will be soon locked up and deployed. Miner support is overwhelming.
And we all should know too that anything will change neither upon SegWit activation nor even Lightning Network. Crypto use as a currency is almost zero yet, specially in altcoin space. So there won't suddenly appear tones of organic buyers trying to get some litoshis to make their internet buys.
It's all hype.
Moreover, now we start hearing those red signals comments all over the place: "Litecoin at 50 usd by weekend", "Litecoin at 100 usd by SegWit deployment"... That's usually means that reversal is approaching. That's how the market works, when everyone think they all gonna be rich soon without doubt, the end of the trend is near and the smart money is already leaving.
Technically we have a huge regular divergence in daily and and big (yet to be confirmed) hidden bear div in weekly chart.
And it all happened at a resistance rejection. So this is basically an easy trade with high R/R.
Targets: 0.0099 & 0.0076
SL: New highs (+0.013)
Good Luck and trade safe.
Personal sincere advice: If you are still buying LTC, be careful. Don't become the new generation of Litecoin bagholders, taking profits is always wise (at least enough to break even)
Cancelled this short temporary on that trendline break for a tiny loss, looking for a better entry
But reached target one for a 17% profit.
So i get out of this trade with a total 8% profit.
Do you think if the Bitcoin ETF got approved it still would have dumped at the announcement?