If Things Don't Improve Quickly, Litecoin Could Plummet! (LTC)
Hi friends! Welcome to this update analysis on Litecoin! Looking at the four hour chart, we can see that LTC completed the head and shoulders pattern yesterday. However, instead of breaking down, we saw a rally off of the neckline. LTC is now running into resistance again at the rising pink trendline. I said this in the BTC analysis, and I will say it here. If LTC was going to rally higher, to make another run at the top of the downtrend channel, we should have seen a hold of this rising pink trendline. Instead, we broke down from it, and continue to show weakness. Currently, we are essentially confirming that level as resistance. If LTC doesn't rally above the pink trendline, and then above the 50 EMA, it is extremely likely that we will fall from here.
In terms of downside, I expect a test of the black trendline at a minimum, somewhere around 28.50. If the black trendline is lost, we have lateral support in the 27 area. Below there we will see a double bottom test around 22 and change. If double bottom fails to hold, we're probably going to fall to the bottom of the channel, somewhere around 10 dollars. I'm not calling for 10 dollars, I'm just explaining the critical support levels and what lies beneath them.
In summary, the continued failures and weakness is undeniable. Unless some major changes begin to develop, severe downside is almost a certainty.
Be smart. Be nimble. Good luck trading everyone!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
In terms of downside, I expect a test of the black trendline at a minimum, somewhere around 28.50. If the black trendline is lost, we have lateral support in the 27 area. Below there we will see a double bottom test around 22 and change. If double bottom fails to hold, we're probably going to fall to the bottom of the channel, somewhere around 10 dollars. I'm not calling for 10 dollars, I'm just explaining the critical support levels and what lies beneath them.
In summary, the continued failures and weakness is undeniable. Unless some major changes begin to develop, severe downside is almost a certainty.
Be smart. Be nimble. Good luck trading everyone!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-