BTCUSD made a gravestone candle (yes, it's not perfect) yesterday on the daily chart. Furthermore, an incoming MA death cross (20 MA crossing below the 50 MA) is imminent.
The last time a similar candle occurred (imperfect gravestone candle) was in November 2018. After this candle, BTC price halved!
It also coincided with a bearish MA cross (20 crossing below...
potential ma death cross on the BTCUSD daily chart. The last time a death cross occured (20 ma crossing below 50 ma) was in October 2018. Shortly after, BTC price more than halved! Potential death cross coming in the next 2 days!
I can not believe my eyes! Can charting crypto all be a mean prank!? Do I truly see what I am seeing here!
I just projected the 20 MA and 200 MA on the LTCUSD daily, and to my GREAT BIGLY SURPRISE, a crossing of these lines would/could occur on the 6th of August 2019... which coincides with the Litecoin halving!
We are talking of the death cross of all death...
The last time a death cross occurred on the LTCUSD 4h chart, LTC price dropped from $120 to $80; $40 drop in a mere week.
A similar drop from this level, $95, would put LTC around $60, which has been my target for a long time. BE CAREFUL BUYING HERE.
We recently formed a beautiful H&S on the LTCUSD 4 hour chart.
Price failed to break several major key resistance levels.
I would not be looking to long LTC here. Remember; patience is important in these markets.
As per classical elliot waves theory, a retrace to wave 4 correction is expected an likely. LTC did not bounce off of any meaningful support. Buying here is risky, especially considering BTC did not bounce off of a meaningful support either.
As we can see, LTCBTC made 3 bearish MA Crosses with a more significant 4th one under way.
If Litecoin doesn't hold 0.0085-0.0087 range, and holding this is unlikely due to coming bitcoin correction, it will drop to 0.0065.
If 0.0065 doesn't hold, chances are LTCBTC will drop to 0.001-0.002 range, but we have to evaluate after 0.0065 is reached.
If LTC reaches...