COINBASE:LTCUSD   Litecoin / U.S. Dollar

Just when things started to heat up really nicely for LTCUSD , FUD was dropped into the cryptosphere. That said, LITPAY has been postponed.

So, what does this mean for LTCUSD? In my opinion, unless we see LTC breakout above $240, I am expecting LTC to dip under $200 (as expected).

Currently, LTC appears to be forming a descending wedge on the 5 Min chart, which may translate to a short-term surge to the upside. However, this may not translate into bullish follow-through above $230-$240. Hence, resulting in a bull-trap.

Fundamentally speaking, LTC now has more reason to complete its correction (downward) before rallying once again toward $300. As I've stated before, I am looking for an entry Sub $200, with a few bounce plays in between.

Since anything can happen, I am also open to a bullish run/continuation. However, I will not be convinced of this scenario unless/until we break $250.

Bigger picture, I am still 100% long LTC. I am merely interested in adding to LTC bag along the journey to the larger round target of ~$1k.

The next 48 hours will be most revealing in what direction LTC will be heading in.

Unless LTC (or the Cryptosphere, overall) is blessed with a positive headline, I am expecting for the Bears to continue swatting the price downward.
When all else fails, simplify. -Me

DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!


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