BTC/LTC Spread - no bottom yet I'm affraid

BTCE:LTCBTC   Litecoin / Bitcoin
With the recent topping action in BTC             it has been interesting and a little disappointing to watch LTC's outright failure. Indeed, Litecoin's inability to hold significant support levels has both broken its bullish bias and once again brought it's relevance as #2 to BTC             into question. With this relationship continuing to decouple, I thought I would take a moment today and look at the historical relationship between the two to see if the spread's relationship (and really its trend) may hint at future expectations.
Here then is a nice four hour chart of that spread (LTC/BTC) going back to last fall. Needless to say, it has been a very tough past six months for the bulls. A bear market is defined simply as lower highs and lower lows and that is basically what has transpired; especially so since the failure of the winter trading range lows at .02124. The sky's did brighten a bit through the end of May as it looked like a capitulation bottom had been formed. After a two week consolidation, bull's hearts where broken once again as we have now broken through the bottom of that range. Price has now reached the original double bottom that started the meteoric rise late last November and the bulls are left to ponder if this old significant level is 'the bottom'. Unfortunately, until we stop making new lows and start making new relative highs, I can't make the bullish case here. Indeed, with the recent failure of the top of the original double bottom (.1625) three very real downside targets present themselves.
1. Bearish BoT target .01354
2. Gap at .00913
3. 200% extension of the winter trading range failure: .00716
So what can we infer from this rather negative outlook? Here are a few of my thoughts: While attractive, there is no long trade on this spread at the moment. One could argue that bear "BoT' setups (a way to play bear ab=cd harmonic price patterns) are perfectly realistic into stated downside targets. Until we start to see a pattern of higher highs and higher lows, bulls must sit and wait.

Cheers all and hope it helps

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So I know this is ancient (in crypto terms), but I've been thinking about this chart recently. Obviously it has succeeded and then some - any thoughts on what the future might hold?
CRInvestor PRO abstrusegoose
I love to short this baby :-)
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