Today I take a small detour off of my Usual path of BTC analysis to take a look at Litecoin. To make it short and sweet I think Litecoin is in serious trouble, it touched R1 on the yearly pivot (a little over 320usd) , was then rejected and tried to consolidate around the yearly pivot (roughly 200usd) but was eventually rejected there as well. Since these two rejections litecoin formed a double bottom around the 100usd mark and attempted to rally however it was unable to even make it back to the pivot which in my mind shows considerable weakness. LTC has now traveled back down to 117USD and is essentially looking to try and form a triple bottom where it can take another shot at the pivot...this seems unlikely.
My prediction is LTC will be unable to form a double bottom and will instead begin the dreaded journey down to the S1 yearly pivot area (around 30usd) where hopefully it can find some solid support. My opinion regarding the downfall of LTC is further backed up by the death cross that has formed in the 100/200 Daily simple moving averages. A death cross like this happened only once before and lead to a approximate 88 percent decline in the value of litecoin from 8USD to 1USD. Although I do think the death cross will propel us to the S1 range I do not believe we will reach the bottom of the 88 percent decline mark (14USD and some change). I hope you all find this analysis eye opening and useful. As usual, I may be wrong and all crypto markets are highly unpredictable however I just wanted to give everyone that may be invested in litecoin a heads up as to what could be lurking outside your door. I will update this analysis at some point I just do not know when.
Please feel free to leave any comments you may have below and as usual Good luck out there and God Bless,
Red Boar
My prediction is LTC will be unable to form a double bottom and will instead begin the dreaded journey down to the S1 yearly pivot area (around 30usd) where hopefully it can find some solid support. My opinion regarding the downfall of LTC is further backed up by the death cross that has formed in the 100/200 Daily simple moving averages. A death cross like this happened only once before and lead to a approximate 88 percent decline in the value of litecoin from 8USD to 1USD. Although I do think the death cross will propel us to the S1 range I do not believe we will reach the bottom of the 88 percent decline mark (14USD and some change). I hope you all find this analysis eye opening and useful. As usual, I may be wrong and all crypto markets are highly unpredictable however I just wanted to give everyone that may be invested in litecoin a heads up as to what could be lurking outside your door. I will update this analysis at some point I just do not know when.
Please feel free to leave any comments you may have below and as usual Good luck out there and God Bless,
Red Boar
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Update on lite coin, We have essentially identical price action this year in 2018 when compared to 2014, the 50/200 ma death cross is happening right on time and lite coin even consolidated into the cross just like in 2014. If we continue to follow the trend lite coin has a bleak future, from this point in 2014 lite coin dropped another 85 percent, if we followed this pattern lite coin could go as low as 14USD (maybe that ominous Charlie lee quote about lite coin at 10 usd could happen?)! I personally believe lite coin will hold the line at about 30 USD. If 30 USD does not hold I think brutality could ensue 14 may not even hold. What I am saying is if 30 USD does not hold I think lite coin could die. Anyways that is just my two cents take it as you will. I have posted a chart below comparing 2014 and 2018, please feel free to leave me any comments you have!
Also, I I Want to apologize if the quality of this is a little shaky, I am on my laptop and that makes the analysis a little bit harder to get a feel for when compared to a nice sturdy laptop and a 28 inch 4k monitor lol.
Red Boar
Also, I I Want to apologize if the quality of this is a little shaky, I am on my laptop and that makes the analysis a little bit harder to get a feel for when compared to a nice sturdy laptop and a 28 inch 4k monitor lol.
Red Boar
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RIP LTC, btw, when charlie lee sold ALL his bags at 300 it could not have been more obvious what was happening. Anyways, hope you guys can sell your bags on a bounce, get out while it's still worth something
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The price of lite coin was at 118 usd at the time I made this chart....I will update with a chart in a few days
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Guys not joking this may be my best chart ever lol
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Update above..nothing crazy just confirming targets
Update above..nothing crazy just confirming targets
