Admitted. The title is (too) dramatic. But let D4 explain what's going on with Litecoin at this very moment!
We are now taking a look at the 4h LTCUSD Chart. Last time we were taking a look at LTC, we were caught in the symmetrical triangle. As I told you, LTC was waiting for Bitcoin-Daddy to give directions. D4 told you to be cautious due to the zone of confluence resistance right above our head if we managed to break up from the triangle, which we did.
And that was too much for LTC to handle. We felt heaven and saw the beautiful angels, but only for a short time. After that we fell down in the downtrend channel.
We fell deep after BTC's drop to under 11k, and have now found support on EMA200. If BTC will fall even lower, LTC will be in deep trouble because of the lack of support levels. We will fall to 50 % retrace at least, but very likely to 61,8 % or 78,6 %, which is a 10-30 % price drop.
Let's pray!!
D4 loves you <3
PS. Remember to give a BIG LIKE and FOLLOW. Thx friends :)
Comment
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As predicted Litecoin would fare worse than BTC if Bitcoin-Daddy fell down. We will see an even bigger drop in price, if BTC fall to it's next support level at 10,2k.
LTC is not a good buy at the moment. On the other hand, IF BTC soon will go into reversal you should consider buy LTC.
What? Man, I like your TAs, but I cannot believe you are still doing TAs on xxxUSD pairs! In this case LTCUSD.
Come on - this pair is tethered to BTCUSD price. Have a look at LTCBTC instead. Please. Litecoin is doing fairly well there and this is what determines whether a coin is still alive or dead.
It will actually grow pretty well in LTCBTC over coming days.
cacouchou
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@leoa451, agreed ! And we found support on the LTCBTC chart
D4rkEnergY
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@leoa451, I agree. I have business where we help our VIPs with that kind of stuff. That's why I most of the times use USD pairs here on TradingView to be loyal to my VIP customers. Hope you understand :)
@D4rkEnergY, How do I become a VIP member? I would love to know more!
evansmichaelj
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@leoa451, Sure, but USDBTC is going to grow even more than LTCBTC... take your choice. Unless LTC gets some good news. Then it could outperform USD (comparing them both to BTC)... I know this is all obvious stuff.
BuckoBango
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Since I use and understand the value against dollar, that is the what I favor. Tell us the price in dollars
knowlton23
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@leoa451, How is LTC tethered to BTC price? Last time I checked, it was possible to exchange LTC directly for USD. And for the sake of argument, let's say it WAS tethered to BTC, as most alt coins are. What then, if BTC is goin down in price? Then you are tethered to something that's going down.
knowlton23
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@leoa451, Just for the sake of argument, let's say you own a coin that is tethered to BTC, and -- again, just for the sake of argument! -- let's picture BTC losing 10% of it's value. What then? Your coin, since it's tethered to BTC, will also lose 10% of it's value against USD. And the only way to break even in USD terms, would be for that coin to GAIN MORE THAN 10% against BTC. Do the math, and you will see that it's true. And it gets worse, the more BTC falls against USD. For example, if BTC falls 30% against USD, then your alt coin will need to gain MORE THAN 40% against BTC, just to maintain break even with USD. I'm not saying these things because I want BTC to go down, or because I want anyone to panic... but rather because this concept is not recognized by most people trading alt coins, and it's a good thing to be aware of.
leoa451
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@knowlton23, you should just look at charts again and observe them, like a real ninja. The price of LTC in USD follows the price fluctuations of BTC when there’re no news. When there’s news why do you think LTC price in usd grows? I’ll tell you a secret - because bitcoin holders swap their bitcoin for ltc anticipating the growth - this pushes the price of LTC up. Do you think that volumes of LTCUSD are higher than of LTCBTC? Bye.
Come on - this pair is tethered to BTCUSD price. Have a look at LTCBTC instead. Please. Litecoin is doing fairly well there and this is what determines whether a coin is still alive or dead.
It will actually grow pretty well in LTCBTC over coming days.