Short term prospects are not looking good for Litecoin here. Let's look at why. Here are some updated thoughts from my last chart idea:
-We've already dumped a good sum obviously, but on the weekly there's still room for the RSI to go to oversold territory before recovering, but there's not much more to go yet. Sentiment and fear are growing. As I've observed, on longer TFs the larger known cryptos (BTC/LTC/ETH etc etc) have short strong moves from oversold to overbought, then long tortuous descents back from overbought to oversold again, which is where you want to be buying.
-We are bound to retest the 200w EMA at around 60-61 usd, and we could stay steady there for a while before going down to 52 usd or the .38 retracement. I'm not optimistic that the 200w EMA will hold given current sentiment, but I could be wrong that is only my gut feeling.
-I'm doubtful we test the .23 (40 usd) fib level because on the MACD we show increasing negative momentum that has already been going for a while, it could be about to pick up again. But given a break of the 200w EMA that might not occur for a while. Last time we broke the 200w EMA, it fell from 57 to 22.50 from Oct to Dec 2018. Let's pray it holds!
-We've already dumped a good sum obviously, but on the weekly there's still room for the RSI to go to oversold territory before recovering, but there's not much more to go yet. Sentiment and fear are growing. As I've observed, on longer TFs the larger known cryptos (BTC/LTC/ETH etc etc) have short strong moves from oversold to overbought, then long tortuous descents back from overbought to oversold again, which is where you want to be buying.
-We are bound to retest the 200w EMA at around 60-61 usd, and we could stay steady there for a while before going down to 52 usd or the .38 retracement. I'm not optimistic that the 200w EMA will hold given current sentiment, but I could be wrong that is only my gut feeling.
-I'm doubtful we test the .23 (40 usd) fib level because on the MACD we show increasing negative momentum that has already been going for a while, it could be about to pick up again. But given a break of the 200w EMA that might not occur for a while. Last time we broke the 200w EMA, it fell from 57 to 22.50 from Oct to Dec 2018. Let's pray it holds!
Comment:
Looking like low 50s are becoming a thing in a dream. Anything is still possible of course, but that 200 EMA don't lie.
Comment:
Come to think of it, last time we broke above the 200w EMA we were at 54 before takeoff to 146 over the next few weeks. This time we just touched it and appear to be back on the stairway to moon. Or so I hope. That was it. A touch to the 200. That is a bullish retesting of support if you ask me. Would suck to see the 200w EMA fail us though.
Comment:
So far It's looking decent for shorters. With the way the market currently is I fear that we have a further retracement down to the .23 fib eventually at around 40 usd. We had a strong bounce for a while off the 200 EMA but the shorter time EMAs took over and threw us lower to almost touch the .38 fib where I have it placed. There's almost no doubt in my mind that we will go lower at this point. But, again, I could be wrong! Just look at my second comment above from 9/9/2019