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 on the 5 Min chart, which may translate to a short-term surge to the upside. However, this may not translate into 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 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.
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!