ridethepig | LTC Market Commentary 2020.09.22

COINBASE:LTCUSD   Litecoin / U.S. Dollar
📌 The strength of the downtrend is founded in the fact that this is moving as collateral with the end of cycle flows.

In this position Litecoin is the 'lone tree' blowing in whichever direction the wind is facing. After a mutual exchange of the passed resistance in Bitcoin , soft sellers are out of the game, whilst buyers are already well developed with plenty of support and profit taking to be done below into $9,000, which may still need a revisit.

Worth collecting some Litecoin down at 45 which has served as solid support and will attract some fresh demand if Global Equities can hold for the day. The diverting flows in LTC can be simplified to 44 -> 54 -> 40 ...A +46% round trip if we complete the advance. But that in itself must be carefully prepared for before the breakdown! A side note: should we see a daily closing below $40 (before a retest of $54) will unlock $25.


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