Wow...Litecoin is down 85% off its highs, look at all that value! This must be a great time to buy, right?
Sadly, the perception of discounted value based on the size of an asset's fall is one of the oldest traps in the investing game. And in Litecoin's case, too many are failing to appreciate that at the $50 level, Litecoin is only back to levels seen in Nov. of 2017 -- just six weeks before the final market top.
We have exactly the same long term approach on this 1W Channel Down. Our immediate TP is 49.508, 33.195 (September 15, 2017 low), but on a 1W basis the Lower Low potential for Litecoin is far greater extending as low as 33.195: