BTC and LTC sideways this week, lower prices still on the way
BTC moved solidly out of the steeper short term downtrend this week. There is a major intersecting of trends on BTC around April 23rd at $5960. I suspect that most will see this as a solid point of resistance, but this continues to look more and more like the tail end of a classic bubble. More likely, that point is just the beginning of despair. I expect a good drop below at an accelerated rate and a return back to mean thereafter before we can expect a new uptrend.
LTC is just kissing the top of the short range, we'll have to wait and see if it can break through and hold. Ranging out may see a fleeting jump. My $57 target is seeming much less likely, but the longer term trend is still down and the band is wide. LTC has been supported near the inner band of the range for two weeks, so a drop below this point may signal an accelerated fall. There are a lot of possibilities for the more volatile LTC. You would never see a serious stock analysis that listed two-week targets so far apart, but such is the nature of cryptocurrency. The 1 year trend line is not far away at $90, but as with BTC I won't bet on that being the floor.
LTC is just kissing the top of the short range, we'll have to wait and see if it can break through and hold. Ranging out may see a fleeting jump. My $57 target is seeming much less likely, but the longer term trend is still down and the band is wide. LTC has been supported near the inner band of the range for two weeks, so a drop below this point may signal an accelerated fall. There are a lot of possibilities for the more volatile LTC. You would never see a serious stock analysis that listed two-week targets so far apart, but such is the nature of cryptocurrency. The 1 year trend line is not far away at $90, but as with BTC I won't bet on that being the floor.