Hi friends! Welcome to this quick update analysis on Litecoin! Let's get right to it. Looking at the four hour chart, you can see that LTC has pierced the support created off of 2/23's low. This is very negative price action, that could lead to a more significant decline. You can see that LTC appears to be in freefall at the moment, as it races toward a support zone
(blue box.) If we break below there, the next level of support will be the 78.6% retrace, at about 146.50. The current rollover looks very similar to what we saw from 1/15 through 1/17. This negative action could produce much more downside. A close below the 181.77 level, will increase the likelihood of further downside. You can see that the 50 EMA
and 200 EMA
are converging like they want to cross, so we could be gearing up for some major selling here.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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