What a surprise! LTC bounced hard after I sold it. But will this rally sustain? Let's see what happened:
For no obvious reason, we bounced at .618 retracement level. However, right now we're seeing what might be a bearish divergence in volume.
The MACD level is pretty low & has just had a bull cross.
I would be lying if I say I know what's going to happen & my initial assessment 16 hours earlier was bearish.
I still think LTC will fail the neckline & the target of 140 will be reached.
The reason is that a bounce this fast without much volume support & no change in fundamentals is not built on solid foundations. Moreover, BTC still is in its downward channel & broke the long-term support. BTC dipped 3(or was it 5)00 points below the 200D MA & only bounced later.
I think this is a short-term move due to LTC being the only one in the green among major cryptos. People FOMO even in this.
- What have a double-top over the last month. The neckline was at around 192, and the target would be 140.
- We had a downtrend this week & ltc never broke above it.
- We dropped below 200MA on 4h & 100MA on daily.
- Crash volume was picking up.
For no obvious reason, we bounced at .618 retracement level. However, right now we're seeing what might be a bearish divergence in volume.
The MACD level is pretty low & has just had a bull cross.
I would be lying if I say I know what's going to happen & my initial assessment 16 hours earlier was bearish.
I still think LTC will fail the neckline & the target of 140 will be reached.
The reason is that a bounce this fast without much volume support & no change in fundamentals is not built on solid foundations. Moreover, BTC still is in its downward channel & broke the long-term support. BTC dipped 3(or was it 5)00 points below the 200D MA & only bounced later.
I think this is a short-term move due to LTC being the only one in the green among major cryptos. People FOMO even in this.
Comment:
has been stronger than I expected
