LTC is back in this pitchfork channel that I had previously drawn. Look at the RSI, we have had not just one divergence, but another on the daily chart! Oh snap. This is a pretty strong indication that more downside is going to be in the cards. If BTC starts collapsing as i think it's going to, we will see this LTC go down to 100 at least. If the 100 level breaks, we'll be seeing a much more significant pullback. We'll have to wait and see what happens at the 100 level, but for now, we can take a short trades(if you haven't already at these highs) and aim for 100 at least, possibly lower.
Notes on the halvening. I won't post a chart here, but there are some floating out there where about 45 days before the LTC halvening, it plummets. It seems things are lining up for that to repeat.
Happy trading and hodling, -Sherem
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the analsyis that predicated it all:
and most recent:
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and please, smash that like button!
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If you still have LTC, make sure you got a stop on it.
Sherem, what many people have been ignoring is that LTC usually corrects 50% to 70% before the actual halving date. Will it be different this time with Bakkt and Fidelity waiting in the wings? Or will they let LTC tank and pick it up on the cheap? I guess we will know in 52 days (or sooner). What's your opinion? How big will the correction be? Or will we ride LTC to the moon!
Sherem
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@BDG, Yep, 100% that no one is looking at that. The LTC party is over and I think that is mainly what was driving the markets up. Providing everything else breaks down, we get a $10 bounce at 100, maybe to 115 even... then proceed to march down to the 75 -80 area. Will have to see what the other majors are doing, a 75% retrace would but it around $35 which would be brutal.
BDG
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@Sherem, yeah I agree. I think the new bottom will likely be $60 to $70 sometime next month. It would be worth picking it up at those prices.
theredbaronZ
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I'm out at 137 I hope it makes it down to 96. Too chicken to bet on a short with that uptrend. I'll just wait...
Sherem
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@theredbaronZ, Yeah, I got out earlier at 110 from that run up. out of most of my long positions now and waiting.