Litecoin is currently about to face a Death Cross of the 50/200sMA on the Daily Chart. The last time his cross occurred price action corrected up to 85% to the downside before a Golden Cross began to revive price action. If history is to rhyme we could see LTC in the $20-$25 range sooner than we think and with post halving selloffs this is a very likely probability. An actual 85% correction of the cross would put prices in the $14-15 range. Lets see how the cross plays out, I will be updating as we progress.
On the positive note, should prices head that low it would make for an incredible buying opportunity!
On the positive note, should prices head that low it would make for an incredible buying opportunity!
Comment:
As we can see the cross if further playing out with the recent drop since yesterday with another 12% roughly. BTC is only adding to the fire by driving the market in any direction it pleases. that $8,500 CME gap fill will play a critical role in Alts price action. Congrats to anyone who opened short positions yesterday.