Litecoin broke down as I suspected. It was up against too much resistance and lots of profit takers at the $180 level. It's currently creating an Inverse Head Shoulders with a target back up to test $180. That would be a nice level for profits. After that I see a healthy retracement down to the $154 level to build liquidity; so we can go higher for another profit taking near $220
Let's see how this plays out over the next 7-10 days.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
Let's see how this plays out over the next 7-10 days.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
Comment:
After re-entering the channel above $146 LTC dropped back below which is short term bearish. This will likely take it down to the $103 region. The best we can hope for now is to hit that level; print bullish divergence on the 4hr, which could then give us enough HP to regain momentum.