Litecoin (LTC) risks a major sell off in the days to come. This is because Litecoin (LTC) is trading in two big rising wedges as seen on the LTC/USD 4H chart above. This means that before the 21st of September, Litecoin (LTC) can be expected to break this rising wedge and fall back towards previous lows. Given that Litecoin (LTC) looks even more vulnerable and weaker than most altcoins at this point, it is also probable that Litecoin (LTC) may fall below previous lows to find an actual bottom. Litecoin (BTC) has a support around $50 which in the case of any other asset would have been a strong psychological support. However, in the case of Litecoin (BTC) we have seen this support break without even putting up a fight.
RSI for the above chart shows that the price is ready to fall again but it may not necessarily settle around the previous low of $47 as there is no historical support at this point. In fact, the price can plunge further into the red and fall towards $30. Wave trend analysis for Litecoin (LTC) points to the same and shows that Litecoin (LTC) may not be due just for a bearish wave down, but in fact, the price of Litecoin (LTC) could be preparing for a longer correction compared to most cryptocurrencies. This might have to do with the fact that Litecoin (LTC) rallied astronomically in 2017 but has now lost its appeal. This is directly linked to a strong demand for Bitcoin (BTC). A weak or uncertain demand for Bitcoin (BTC), as we have seen in the past, created room for most of these spinoff coins to jump in.
Read Further: cryptodaily.co.uk/20...f-in-the-days-ahead/
RSI for the above chart shows that the price is ready to fall again but it may not necessarily settle around the previous low of $47 as there is no historical support at this point. In fact, the price can plunge further into the red and fall towards $30. Wave trend analysis for Litecoin (LTC) points to the same and shows that Litecoin (LTC) may not be due just for a bearish wave down, but in fact, the price of Litecoin (LTC) could be preparing for a longer correction compared to most cryptocurrencies. This might have to do with the fact that Litecoin (LTC) rallied astronomically in 2017 but has now lost its appeal. This is directly linked to a strong demand for Bitcoin (BTC). A weak or uncertain demand for Bitcoin (BTC), as we have seen in the past, created room for most of these spinoff coins to jump in.
Read Further: cryptodaily.co.uk/20...f-in-the-days-ahead/
Comment:
A lot sooner than expected.