There is potential this can drop into the low 50's. This is another chance to be a buyer ... all the way into the 30's if POSSIBLE. I say patience is the only virtue worth testing, after all, nothing shows better than buying low and selling high.
AbuSalihh
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Oh and I forgot to mention that 100 USD was a key psychological support as well, since 100 USD is the only really important 'big even' that LTC saw during the last 10 to 12 months...
AbuSalihh
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We absolutely aren't in the bearish descending triangle anymore and its important that peopoe start to stop remaining in denial about that.
I was a bull on LTC for the longest time I have been trading crypto and everyone who trades LTC at least since last year september KNOWS that LTC has broken extremely important key supprt levels that can't be ignored.
We started it first forming a tripple bottom structure like BTC AT 6K.
LTC first broke through 137 which happened due to the strong influence of BTC on the market. BTC fell so LTC followed. But THEN the bloodbath began:
We broke through:
1. 110 USD, which was the previous low before LTC took off to retest its upper trendline of the descending triangle on the log-chart at about 180.
2. 106 USD which was a key fibonacci retracement level.
3. 114USD-100USD support area of our descending triangle AND the tripple bottom that formed inside of it.
4. 93 USD which was a key support level because LTC used to go up inside of a logarithmic ascending channel. It has done so since more than a year (which is a very long time in crypto) and BROKE through it without much resistance.
5. 84USD which was the longterm trendline on the nonlogarithmic chart. That line was active about a year as well.
All these levels were discussed either in the ideas I posted or also in the ideas of other users.
The point is, that LTC has absolutely broken through every means of support that really was important. If - as some people claim - LTC is still pegged to BTC and moves along with it, we should sit at about 110 USD - i.e. above the support of our tripple bottom as BTC is currently also moving above 6k.
But we are faar below our tripple bottom.
Even the case for a descending vedge seems unlikely to me for LTC.
People simply don't seem to be interested into LTC since Charlie Lee kinda gave up on it.
What we are seeing in LTC right now is what COULD happen to BTC if we don't finally get some good news that send this market flying..
This is just my opinion - no trading advice.
Trade cleverly....
elmir84
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can you provide a clear explanation, please?
clark05
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@L1V3RP96L, We're still in the (bearish) descending triangle. Hopefully we can break out in September/October.