Strong buys have flooded in over the past days and everyone presumed this accumulation period was going to lead to a nice break, I have received many messages of people asking should I load up on LTC while BTC is dropping…. That would be a bad move as here the downside is much greater then BTC in my opinion.
We have a complete loss of momentum, and this confirms the downward trend you can see the cross circled in red on the confirming the downward move days ago.
When you see accumulation on LTC or any coin on the oscillator don’t presume it’se about to explode, if you look at the A/D oscillator we are trending down its being sold off faster then bought.
This is a great short setup, we have recently broken the 200 and only sitting on a minor support, once broken the 100% retrace line is down at $95.
I have placed targets in black dotted lines, However based off indicators there is a high probability that we will reach the $95 level so your looking at profits of over 50% here.
We will have a solid bounce when we reach lower levels which will also create a good buying opportunity.
Cash Is King! Enjoy the Profits! Spend them bank them, have a happy weekend!
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Time will tell us but you’ll see ;)