Don't Be Fooled! Dead Cat Bounce in Crypto! Litecoin! (LTC) >=D

Hi friends! Let's take a look at Litecoin! If you recall from my last chart, there was a bear flag, which had been broken to the downside, just below the 200 EMA (in purple.) However, I've noticed that LTC has morphed into a downtrend channel, so I removed the bear flag, in favor of the newly formed channel (black dashes.) Looking at the chart, we can see that there have been three failed attempts, to rally out of the downtrend channel. LTC remains weak, and is flirting with the 200 EMA at the moment. Further downside is likely, until new bullish evidence materializes. Personally, I would need to see a breakout above the falling parallel channel, and higher highs above the 50 EMA (in orange), before taking any new long positions. There is a bullish crossover on the MACD, but that isn't enough to negate the other bearish technicals. The green that we see in the crypto space today, isn't very convincing to me. Based on what the charts are telling me, it's most likely just a small relief rally, before the next wave of selling begins. The bulls have some work to do, in order to recover this market. Please like, comment, follow, and share on social media. This has been your fearless market guide — your virtual buddy. MPC out!


***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-