Litecoin Breaks Down Below The 50 Week Ma, in Stark Deviation!

HI friends! Looking at the weekly LTC chart, you can see that we had a massive breakdown below the 50 week MA (in orange.) If you recall from the last LTC analysis, I showed how LTC was in a similar pattern to the 12345 pattern it made before the explosive move in 2017. So, yes we did break below the moving average, but the week isn't over yet. You can see that there were also breaches of the 50 week MA near the 5 in 2015. However, the weekly candles closed at or above the 50 week MA. So if we see a powerful close below the 50 week here, that will be an ugly deviation from the previous price movement leading into the 2017 bull market.

With that said, we need to see where this weekly candle closes. It's interesting that so many cryptocurrencies are breaking down below major support on their charts at the exact same time. With BTC it's the 21 week MA. With LTC it's the 50 week MA. With XRP it's the rising log channel. There are many others too. What is certain, is that if these important levels aren't recovered, traders should prepare for powerful moves lower. Here on the LTC chart, the line in the sand is the 50 week MA.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-