As I have been warning, Litecoin is now breaking support, below the bear flag, and the 200 EMA (in purple.) It has also created a bearish engulfing candle, with expanding sell side momentum. The bottom side of the bear flag is being tested, to confirm it as new overhead resistance. If LTC does not rally back above the 200 EMA, look for lower prices, possibly down to $200.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
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As of 07:30 central standard time, LTC is forming a bear flag consolidation underneath the 200 EMA (in purple.) Sell side momentum continues to expand, increasing the likelihood of further downside. LTC is likely to fall in the coming hours.
Great analysis. However, is this not expected to be a temporary decrease? LTC is in the middle of a ABC zig-zag correction, where the end of C will hit 190-200 before it goes back up to restart a 5 piece impulse wave.
Omhhh
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Uuuf I caught a falling knife on this one... Thanks for the update
Killough
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It held thank goodness...
Filouman
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I'm looking for 200-210 level. Are you thinking lower than this?