Litecoin seems to be loosing steam. I've been tracking this one for awhile and so far hit almost every move right on the dot.
Take a look at the prior price action and see how we got to $180ish. Notice how it all happened above 200 MA (bold red line)
We had a nice H&S breakout followed by bull flags and each rise was equal to the pole height of the previous flag. We had 3 beautiful run ups and then we started getting awfully choppy. Currently I see a diamond formation indicating we reached the local top. At the same time we are seeing the price below 200MA and below support/resistance (skinny red line) that was in place since October. RSI is declining.
Litecoin is losing all of the action to LINK, DOT and XLM which seem like a lot more exciting projects and are all above 200MA which is telling us that new kids on the block are getting more attention from the momo crowd.
Unless we get above 200MA and break out of the diamond to the upside and above the resistance line, I am not trading it and keeping an eye on it. Feels liek $120 is incoming. I dont know if we will get as low as $93 but leaving it on the chart for now until proven otherwise. However, this is crypto so none of this voodoo TA shit matters too much.
If you see Litecoin in a different light and have a good reason why its going up from here vs down - let me know below and feel free to post a link to your analysis.
Take a look at the prior price action and see how we got to $180ish. Notice how it all happened above 200 MA (bold red line)
We had a nice H&S breakout followed by bull flags and each rise was equal to the pole height of the previous flag. We had 3 beautiful run ups and then we started getting awfully choppy. Currently I see a diamond formation indicating we reached the local top. At the same time we are seeing the price below 200MA and below support/resistance (skinny red line) that was in place since October. RSI is declining.
Litecoin is losing all of the action to LINK, DOT and XLM which seem like a lot more exciting projects and are all above 200MA which is telling us that new kids on the block are getting more attention from the momo crowd.
Unless we get above 200MA and break out of the diamond to the upside and above the resistance line, I am not trading it and keeping an eye on it. Feels liek $120 is incoming. I dont know if we will get as low as $93 but leaving it on the chart for now until proven otherwise. However, this is crypto so none of this voodoo TA shit matters too much.
If you see Litecoin in a different light and have a good reason why its going up from here vs down - let me know below and feel free to post a link to your analysis.
