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Since the last post where I mentioned LTC might "possibly" be going much lower to the mid 40's, it made a nice bull trap and went down about 15 % from there. I did mention there could be a few bounces here and there. The sentiment looks bullish now considering that the RSI on the 4hr chart is below 35 and maybe a good scalp buy but I don't think its time to go full long. Some will see this as an opportunyty to start accumulating long by average buying as it dips "if it dips further.
We'll be watching.
I believe its following BTC movements as well so both need keeping an eye on.
NOTE: THIS IS NOT A FINANCIAL ADVISE, JUST MY OPINION OF THE MARKET JOTTED DOWN.
Don't forget the discuss your opinions and charts in the comment section :D
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To see what the 15% drop, check in related ideas below "LTC POSSIBLY GOING MUCH LOWER". That shows the bull trap up and then the drop.
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As I mentioned yesterday, it was a good scalp buy but that's all it is. BTC is sticky dragging most of the market and BTC is quite unsure of it's move; however, a good chance shorts could get squeezed a bit more in the coming days. So we could have something like a good dip to lure in more shorts then a bigger pump to liquidate some shorts.
This is NOT financial or trading advice or trading advice, just my opinion of the market
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See comment above, a good scalp is all yesterday was followed by the dip just exactly what I expected. Still can't say for sure if the dip is done but I expect some sideways and up move short term.
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We hit the drop point exactly as depicted on the chart. The next coming weeks will be interesting :)