without_worries

Litecoin (LTC), imminent collapse to $30?

BINANCE:LTCUSD   Litecoin
And possibly below $10 after that?

Most if not all Alt-tokens have returned to their 2017 lows with 95% to 98% corrections since 2021. Pick any token popular at that time:

1) DASH.. 95% correction with a return to $25 in 2023 as it was in 2017. Inflation adjusted, the price should be $19! A bucket of expired sardines in a Norwegian Fish-market has gained more value.

2) XLM -90%
3) HBAR -95%
4) ADA -95%
5) NEO -95%
6) ETH -75% (massively bearish still!)
7) SOL -96%

It is everywhere you look, 95% corrections are all over.

Currently Litecoin is at an 85% correction. 95% takes price action to $15. Inflation adjusted, less than $10.

The technical analysis also supports the outlook. On the above 10 day chart:

a) A significant trend-line support has broken (orange line). Over the last 10 years Litecoin has enjoyed a continuous uptrend. The support has now failed AND confirmed. Yes price action could rally to $130-140, the bulls would get excited. Regardless, breaking this confirmed resistance will not be easy.

b) The 2nd bear flag breakout. It has confirmed. A 70% correction from the exit point measures to $28.

c) If support at $28 does not confirm, the next support is just under $10, the full 95% correction like everything else.

Is it possible price action continues sideways? Sure.
Is it probable? No.

Ww
Comment:
The market is pumping and LTC is.. poke poke.. do something. Why not price go up?

Special Agent Litecoin: When convention and science offer us no answers, might we not finally turn to the fantastic as a plausibility?

Special Agent reality: What I find fantastic is any notion that there are answers beyond the realm of science. The answers are there. You just have to know where to look.

Don't worry, there is a good chance some up will print in the next few weeks. However do give your attention to the main argument of the idea, nothing has changed.

2-month LTC-BTC pair
Trade active:
The first 2-week Gravestone DOJI candle to print in history of Litecoin price action. Unless you can see another? I'm not sure I do.

1) The candle confirms with a following red candle on the 2-week. Therefore watch what prints next until the year end, it is the life or death of this idea.
2) The candle prints in a rising wedge formation. Bearish.
3) The candle prints as bear flag resistance is tested. Bearish with bearish bits.

Such candles printing on this time frame should not be shrugged off. They are significant warnings of a trend shift in the market. And no, this will not impact the entire market as many allude in the comments below. Comments from the Litecoin faithful are amusing though, keep them coming. I like chuckle.

"You must be BRAND NEW to crypto and fairly new to TA. But your enthusiasm is respected, even though you have no idea what you are doing."


2-week
Trade active:
Final warning....

A 2-week Death Cross has confirmed. You can even see the 2-week Gravestone DOJI candle that has printed as resistance under the 2-week/50-day SMA.

I can see from comments below the faithful will never accept this. Never forget the terms and conditions when you're married to a project, until death do you part!

2-week chart
Comment:
As the end of the year approaches I like to drift through the 2-month charts as I'm watching Die Hard for the umpteenth time whilst nursing a wee dram.
Latterly there is countless messages on this idea "Stop spreading FUD!". Too many messages to count, can't be bothered reading. Safe to say folks are taking umbrage with the forecast.

A 2 month bearish engulfing has now printed. Look left. Look how well the BE3 mimics BE2. There is little else to say, emotions aside, the chart is very clear.

Be Long when price action touches $5 ;-)

2-month bearish engulfing
Trade active:
And so it begins. Wicked to $57 today. Where wicks go bodies surely follow.
Comment:
Price action absolutely must close above $80 dollars before the end of the month, 8 days from now. It shall be a confirmed break of market structure on the monthly chart should it fail to do so
After that there is no support until $30. And that is not guaranteed to hold. $5 after that!
Comment:
Hours remaining before January comes to a close, can price action close above $80 before it is too late?
If you're a bull you really do not want the red candle that is currently printing on the monthly close.
Comment:
Is Litecoin about to wake up and join the party?

Nah... back to sleep.

In the last update A bearish engulfing candle for January printed. There is 7 day in February for that damage to be undone.

At this moment in time the confirmation appears fairly strong. Price should correct below $20 on confirmation.

Monthly

BTC
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Allow 3-6 months on ideas. Not investment advice. DYOR
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