Basically, I have seen a change in the and I am now going to treat this as a large , usually a nice reversal formation.
Now, looking at the 4hr chart: We are in a (solid blue )
Man did LTC bulls get CRUSHED by the bears at the top of the . Now, the trading area has been at the 50 day and has been extremely reactionary both ways. The trading around the 50 day , coupled with the fall from the top of the has formed a nasty formation. This is not a good sign for LTC, as it has happened right around the major resistance levels are converging on one another.
With all that being said, I believe the bulls push is coming to an end FOR NOW. has collapsed, and we have had a crossover on the . And the only movement up, is straight into the major resistance that keeps knocking LTC back down.
I am looking at the Minor and the Major , as the next important areas SHOULD the break to the downside.
My heart says that IF LTC can stay above the 50 day and challenge the top of the , which is pretty much the top of the as well, we could see a very strong breakout. But remember, the bears have control, and there is SO MUCH resistance immediately above LTC right now.
Overall, the Cryptomarket, as a whole, is showing many more signals. This is a great and I do believe we will have a reversal of this market in a relatively short amount of time, however, I do not believe the bears are done just yet.
As always, this situation needs to be monitored carefully.
Thanks guys, I will update as things evolve!