LTCUSD IN A CLEAR BEARISH SETUP
CONCLUSION : SHORT/MID TERM BEARISH FORECAST. LONG TRADES SHOULD ONLY BE PLACED FOR RETRACEMENTS, PULL-BACKS AND CONSOLIDATION PERIODS.
- PRICE HAS CROSSED BACK BELOW THE 200 PERIOD DAILY MOVING AVERAGE
- CLEAR HEAD AND SHOULDERS PRICE ACTION. PRICE HAS CROSSED NECKLINE & FURTHER DOWNSIDE IS EXPECTED. THIS BEARISH MOMENTUM MAY ACCELERATE PRICE DOWNWARDS OR A NECKLINE RETEST MAY OCCUR
- TREND LINE USED AS BOTH SUPPORT/RESISTANCE (& ALSO AS THE H&S NECKLINE), INDICATING BEARISH PRICE ACTION IN THE SHORT TO MEDIUM TERM
- LTC HALVING HAS RECENTLY OCCURRED. THE LARGE AMOUNT OF LTC BOUGHT BEFORE THE HALVING WILL NOW BE SOLD AS PER CLASSIC TRADING PRACTICE ~ "BUY THE HYPE/RUMOUR, SELL THE NEWS"
CONCLUSION : SHORT/MID TERM BEARISH FORECAST. LONG TRADES SHOULD ONLY BE PLACED FOR RETRACEMENTS, PULL-BACKS AND CONSOLIDATION PERIODS.