It all depends how we draw the lines, once again. The logarithmic resistance can be drawn such that the current top in LTC, exactly hit the resistance.
That's why those lines are not an exact science, but more like a zone.
In 2014-15 bearmarket, we also can accordingly draw the line in such a way, that LTC needed 1 1/2 years to break out.
If we would draw it similarly for the current bearmarket, then LTC could still need a while until it would break out.
Also, the log resistance would align pretty well with the top, the next two local tops, and the last local high at around 50 USD.
The market seems to be preparing for the next leg down, and LTC is already showing the way, having hit this resistance nicely.
Also, a very strong indicator for LTCUSD always was the weekly stoch RSI. It never likes to stay there for a long time. Historically, there always came huge dumps when LTC was weekly overbought.
Even in the bullmarket of 2017, there were some quite impressive dumps on the way up, which brought the weekly stoch RSI down.
So it is only a question of time. BTC also being overbought now on weekly, I assume that the drop to the low will start within the coming weeks. Because of the LTC halving in August, and the anticipation,
we should get a really strong bounce. From the low, directly to the top of the halving rally, like in 2015.
If timed correctly, this will offer an excellent opportunity to make some nice gains.
That's why those lines are not an exact science, but more like a zone.
In 2014-15 bearmarket, we also can accordingly draw the line in such a way, that LTC needed 1 1/2 years to break out.
If we would draw it similarly for the current bearmarket, then LTC could still need a while until it would break out.
Also, the log resistance would align pretty well with the top, the next two local tops, and the last local high at around 50 USD.
The market seems to be preparing for the next leg down, and LTC is already showing the way, having hit this resistance nicely.
Also, a very strong indicator for LTCUSD always was the weekly stoch RSI. It never likes to stay there for a long time. Historically, there always came huge dumps when LTC was weekly overbought.
Even in the bullmarket of 2017, there were some quite impressive dumps on the way up, which brought the weekly stoch RSI down.
So it is only a question of time. BTC also being overbought now on weekly, I assume that the drop to the low will start within the coming weeks. Because of the LTC halving in August, and the anticipation,
we should get a really strong bounce. From the low, directly to the top of the halving rally, like in 2015.
If timed correctly, this will offer an excellent opportunity to make some nice gains.
Comment:
BTC made the bull instead of bear, therefore the picture for LTC is of course also changed. I see something like this happening now:
