Be careful here. Litecoin already below its consolidation area and showing weakness compared to other coins. If it breaks down there is no strong support until we get to that volume area well below. It really needs to hold here and break above the trendline or it could lose 30-40% very quickly as there will be a lot of stops below this area with potential for capitulation.
Comment:
Downside momentum is picking up. If BTC ends up breaking low, LTC might get capitulation, which I'd cover and potentially buy a strong daily candle. But being so oversold it could bounce before it proceeds lower and make its low near that high volume (red line) area in about 20-30 days. That would make for a tremendous buying opportunity.
Downside momentum is picking up. If BTC ends up breaking low, LTC might get capitulation, which I'd cover and potentially buy a strong daily candle. But being so oversold it could bounce before it proceeds lower and make its low near that high volume (red line) area in about 20-30 days. That would make for a tremendous buying opportunity.
Comment:
Litecoin (and Ethereum) was a tell yesterday as they started breaking down early. I think .009 is in the cards and depending on the timing could easily test the all time lows near .006. There is simply no support here and anyone that bought over $100 will be feeling the pain, which could lead to a much stronger sell off.
Litecoin (and Ethereum) was a tell yesterday as they started breaking down early. I think .009 is in the cards and depending on the timing could easily test the all time lows near .006. There is simply no support here and anyone that bought over $100 will be feeling the pain, which could lead to a much stronger sell off.
Comment:
LTC has looked bad even before I posted this but yesterday got some good news about buying a bank which gave it a quick pump. But when looking closely, I just don't believe this is fundamentally groundbreaking news. So it was more than likely a surprise news burst that will sell off much like XRP did last week.
This is a good risk reward to short around here if you didn't get in the first time.
Stop above that spike and trendline. And there is good supply zone in that area. If it goes up over the trendline and that spike high then it could possibly be starting accumulation or at least going on a run to test the next major trendline. I think there is a better chance it dies here and keeps going down. Like all alts, they are tied to bitcoin so if BTC turns then LTC can turn.
LTC has looked bad even before I posted this but yesterday got some good news about buying a bank which gave it a quick pump. But when looking closely, I just don't believe this is fundamentally groundbreaking news. So it was more than likely a surprise news burst that will sell off much like XRP did last week.
This is a good risk reward to short around here if you didn't get in the first time.
Stop above that spike and trendline. And there is good supply zone in that area. If it goes up over the trendline and that spike high then it could possibly be starting accumulation or at least going on a run to test the next major trendline. I think there is a better chance it dies here and keeps going down. Like all alts, they are tied to bitcoin so if BTC turns then LTC can turn.
Comment:
I think litecoin is in a good area to cover the short. Its a potential to go long, but the problem here is that if this high volume zone fales, its going to drop 40% more. So a better idea to have some patience on this one.
For long term, I actually think this will be a good price and we'll go higher. Even if you hate altcoins, there will eventually be some buyers that start coming in and sellers will exhaust enough to see a big rally. I believe there is a good chance that the rally will come this fall.
I think litecoin is in a good area to cover the short. Its a potential to go long, but the problem here is that if this high volume zone fales, its going to drop 40% more. So a better idea to have some patience on this one.
For long term, I actually think this will be a good price and we'll go higher. Even if you hate altcoins, there will eventually be some buyers that start coming in and sellers will exhaust enough to see a big rally. I believe there is a good chance that the rally will come this fall.
Comment:
I'm going to take a shot long here. Small position. I put some buy orders below and will stop at .084. if I see any bullish break i'll add. The conservative play is to wait, but with such a steep drop I think we could see a big fast move that wouldn't give you a good entry. And as fast as these came down, it can move right back to that high volume zone around .015, so the reward is there.
If I get stopped I will not trade it again. Too much risk that we go to .060 if buyers don't show up, so thats 30-40% that I wouldn't want to ride down.
If I get stopped I will not trade it again. Too much risk that we go to .060 if buyers don't show up, so thats 30-40% that I wouldn't want to ride down.
Comment:
I got out of this position and entered a short. At this point litecoin is in danger again. Notice that it has hit the 21 EMA multiple times over the last few months and rejected. The last 2 days, LTC hit the 21 EMA again and now has had a strong turn down. It's also forming a descending triangle on the smaller time frames. If we hit lower lows we could see a retest of the bottom as there is very little volume buying below us.
I got out of this position and entered a short. At this point litecoin is in danger again. Notice that it has hit the 21 EMA multiple times over the last few months and rejected. The last 2 days, LTC hit the 21 EMA again and now has had a strong turn down. It's also forming a descending triangle on the smaller time frames. If we hit lower lows we could see a retest of the bottom as there is very little volume buying below us.
Litecoin broke down. The last hope is this .014 area or it could go down fast.
Currently short.