dk.dusankovacic

Will the strongest kitty survive massive extinction?

COINBASE:LTCUSD   Litecoin / U.S. Dollar
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Dear Everyone,

Welcome to my analysis. We will now have a look on LTC.

In the past day, we saw a great breakthrough of the triangle pattern (in dotted gray) followed by formation of big bull flag . One might reasonably suspect that further rally is coming shortly. Before you open your longs, let me give you an idea to think about. Looking at the events on TRX and XVG in the past days, almost identical patterns were formed. Under the term identical, i mean a major breakthrough of the triangle pattern always stopped by a bigger triangle. These bounces were giving a lot of new hope to the depressed crowd. Unfortunately, they resulted in 100% retracement to the initial values. Poor death cats. So will this one last kitty survive the killing? Who knows... But, let me observe the health condition.

As for the technical indicators:
  • RSI downtrend resistance was kept = the upward movement was rejected (red ellipse)
  • MACD support signalized by black line was broken (and MACD stays below zero)
  • Stoch RSI uptrend confirmation was rejected two times and is now heading south
  • Volume is linearly decreasing

Summarizing all above, unfortunately the chances for survival of our beautiful kitten are very limited... unless the doctor BTC brings well suited medication. For now, we are trading between the two EMAs, if EMA 200 is broken.. you know how it ends.

Disclaimer: Don't trade on my charts, you are not allowed ! :)

Best Regards,
D.
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