LTCUSD Capitulation Selling, Bottom is in
Just like the rest of the crypto market, Litecoin suffered a major dump back down to $121 - $124 support range where its holding not only that level but also this uptrend drawn way back that held to a Tee.
From here, I really believe that the bottom is in and its only up from here. Notice how nobody was short at $183 (including myself, a little delusional on the bullish momentum not gonna lie) and now that we're at $124 everybody and their mother is short. In trading, you need to go against the grain to make money, if you're doing exactly what everyone else is you're never going to profit and you're chasing a move that's already played out.
Quick maths, Litecoin from the top at $183 down to $124 dropped 34% in the span of just over a day and honestly how much farther can it go down? 34% is almost basically half of the market cap annihilated overnight, do we all really think that it's going to continue dropping 50%, 60%?
From here, if you don't know what the definition of capitulation is I would highly suggest looking it up on Investopedia. Take a look at the chart example and it looks exactly like this chart, typical capitulation sell off.
Litecoin also rejected off of $145 but created a higher low and didn't go all the way back down to this uptrend level. I would set a buy order long on $136.38 support going long towards:
TP1 🎯 $145.63
TP2 🎯 $159.65
TP3 🎯 $171.55
From here, I really believe that the bottom is in and its only up from here. Notice how nobody was short at $183 (including myself, a little delusional on the bullish momentum not gonna lie) and now that we're at $124 everybody and their mother is short. In trading, you need to go against the grain to make money, if you're doing exactly what everyone else is you're never going to profit and you're chasing a move that's already played out.
Quick maths, Litecoin from the top at $183 down to $124 dropped 34% in the span of just over a day and honestly how much farther can it go down? 34% is almost basically half of the market cap annihilated overnight, do we all really think that it's going to continue dropping 50%, 60%?
From here, if you don't know what the definition of capitulation is I would highly suggest looking it up on Investopedia. Take a look at the chart example and it looks exactly like this chart, typical capitulation sell off.
Litecoin also rejected off of $145 but created a higher low and didn't go all the way back down to this uptrend level. I would set a buy order long on $136.38 support going long towards:
TP1 🎯 $145.63
TP2 🎯 $159.65
TP3 🎯 $171.55
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