Litecoin has been downtrending for a long time now, similar to Bitcoin -1.79% . Moving in a descending triangle pricewise and also on the daily RSI . The daily MACD is also moving in a well respected triangle
These patterns should reach their ends by the end of August, if not even before that. The direction will depend heavily on BTC -1.79% but they are nevertheless very bullish patterns.
My trade setup:
Buy: ~76 SL: Below 69
If LTC falls below the white support line and BTC -1.79% is also pointing down (a break of 6800 - 0.618 fib would confirm further downtrend) then I´ll probably be looking to go long again at the peak of the descending triangle .
Note: Alts have suffered heavily and are bottoming out so a new alt cycle would be needed if some people would want alts to actually survive. Also there is a correlation between BTC -1.79% dominance (48.2% right now) and alt cycles. The chart below shows when alts started to run heavily again.