D4rkEnergY is back with a look at BITCOINS trusty old companion - Litecoin. Let's take a look at the 4h LTCUSD Chart.
L.itecoin has been having a terrible last few weeks. It started out so great though with a nice pump, and the Elliott Waves were starting to appear in the clouds high above.
But the retracement came, and nowhere could Litecoin find support for a continued uptrend. Fibonacci level after fib-level failed. Yesterday we finally tried to break out from the downtrend channel, but unlucky for us, the resistance line collided with 78,6 % Fib-level. And right now Litecoin is almost back at exactly where it started its pump. How awful it must be to be Litecoin today.
As you can see, we are right now under the purple Value Area, which means we are in a downtrend. We are at 119 dollars, where we have support because it's a High Volume Node. But the troubles aren't over. D4 hates to say it, but there's not really any doubt that we have to go lower. And the chart will show you 5 reasons for why we will go to the next support level, which is a Low Volume Node at 108 USD.
1. Now, Litecoin has been in a nice downwards channel for days. Look at how it tried to pump and break the channel wall, as mentioned before. It failed miserably, so now we have to go lower, before we can try to make a new attempt.
2. We have just witnessed a steep downtrend, and then a small consolidation, which now has formed a pennant, which predict, that we will fall even lower. This screams weakness and is not gonna end well.
3. Bear volume is strong, bull volume is weak. The relationship between bull and bear volume is quite simple to observe and always a very strong indicator.
4. The RSI confirms that we will go down. RSI is making higher highs, while the price is making lower highs. Hidden bearish divergence.
5. Bitcoin! - Yes, Bitcoin is on the way down, and of course it will not go down in the darkness alone without its trusty companion, the little Litecoin.
There you have it. I always break the truth to you. I feels I must... because...
D4 Loves You <3
Last but not least. I would appreciate if you gave me a LIKE for my hard work here on TV - thx, guys :)
Comment
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LOL easy... I don't even want to take credit for that steep downtrend. Even a monkey could predict that.
We will soon hit 108 USD!
A very tired D4 just want to say thank you for following me and for all the love and support - really appreciate it <3
Good thing Charlie decided to become a saint at the ATH and sell because of some newfound ethics or some shit...
rsansbury
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@megalo99, isn't that the truth! It's like kicking your child out the door and into the street because he brought home a few bad grades. His actions really lowered my opinion of him.
DobermanGuy
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@rsansbury, Just trying to be a little satoshi and step away.
Boss_Coyote
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Another top anylist that will get burnt by the LTC
crypto_poet
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Like landed ... for the work. Still - 3 ETH is too much for being vip member ;)
INFINITYWARS1
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WAITING FOR YOUR UPDATE!!
THANKS MATE!
Boss_Coyote
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Please advise what is happening .. you said down not up ?? "Even a monkey could predict this "
darkandblue
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Diamond bottom forming?
fract
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;)
fibonacci1208
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Thank you very much for your analysis, I understand that you have a lot of work but I would appreciate updates from LTC ...