COINBASE:LTCUSD   Litecoin / U.S. Dollar
If LTC is to show at least some percentage growth in 2023, it has to go down.
LTC FOMO is in full swing.
I read in the comments how many traders are buying at current values.
It's interesting to see how FOMO works, LTC was hovering around 50USD for the previous 150 days and there wasn't much interest in it, just raise the price and suddenly a lot of people are buying.
Maybe often the same people who sold it to the whales for $40 back in June.
The reality is that there is currently a bull trap.
What goes up fast often comes down fast.
If it started to fall, panic selling by people who bought at current values would cause a nice dip.
It's possible I'm wrong and he's already going to the moon, but I can't share bull mode right now.
I happened to have a look at this older idea and it shows a break back below an important support which is resistance at the moment, I'm not saying it's impossible to break it back up, but unless there's a valid close above it's very dangerous.
In the current bear market, there is no point in dealing with any supports and resistances because it easily moves back and forth like a knife through butter.
At the moment it's back again, if there's a rejection, it's likely to fall into the $50 strong support area, you can expect some bounces there and that's the problem, a lot of people will be expecting a bounce, so it would be easy to put a distribution trap there.
I still think the whales want to swim below the June low, we'll see how that goes.
Only a valid close above the bearish flag (above $85) can change my view on LTC, and coincidentally, this value also applies to R.V.
But on the other hand, not to be just bearish, LTC already started the blow off phase much earlier than BTC ( LTC May 10 - BTC Nov 8)
From the ATH he wrote off -80% to the real value and -50% below the real value, in theory this could be enough and LTC would be ready for the way up, but there is still a risk that the whales want to buy blood at the tip of a knife.
I looked at LTC again and refined the setup, if there is a valid close above the red zone, then this idea will not play.
I didn't expect it to go that high with LTC, but the risk of a bearish flag is still there, again it's in the potentially dangerous zone.
If it goes on and on I will be surprised.
But there is a big risk of rejection here.
I read in the comments that a lot of traders are ready to sell at 100 usd, it would be very predictable, everyone sells in the right place and everyone wins, that doesn't happen very often.
It is currently in the area where big players could make a distribution from +100% profit from June low.


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