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.***
And it just broke it's downward channel. Isn't that usually a bullish sign?
jegorbik
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Will it grow noe?
jegorbik
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Will it grow now?
KinkoHyoTrading
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There it is, out of the channel
runrpk
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now what mr. poop?
cryptomike81
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@runrpk, you must be looking at the 15 minute chart...he did reference it as a small relief, which happens all the time...many others are calling for a further drop and I hope their right so I can get in when the gettins good
cprime
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im debating switching completely out of the BTC network (which im only interested in LTC at the moment) in favor of the Ethereum network (interested in ETH, ETC and mainly ADA) due to the weak LTC and it's VERY close sister coin BTC. They are so in tune and I dont know if its because of futures or what but it has sucked ever since futures went into trading BTC.
xleratehighlander
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@cprime, You want to switch to Ether when it is due for a correction anytime soon? You rather ditch the correction and jump into the high point of a elliot wave 5?