For all the litecoin hodlers this is for you,
litecoin is looking like its about to collapse to its lows of december 2018,
1st: looking at the chart, our fib retracement from our low of $22 back in december to our high of $146 on june the 22nd, we notice that we retraced back and holding support on the .786 fib meaning we already broke our golden ration of 618 and this is a very bad sign,
2nd: Price is bellow every ema. We broke every single EMA on our way down and if you notice the emas are now all reversed AND in order from the lowest to the highest ( meaning: in a bull market the 200 ema will be the first at the bottom followed by the 100 above the 200 then 50 and 21 all the way up ) looking at the chart, the order that the emas are in right now its the complete opposite. We start with the 21 all the way down then on top of it in order the 50,100 and finally the 200 all the way up. This means that the every single ema had a death cross with each other and no more death cross is possible "cringe". No need to say in no way, shape or form that this is any bullish sign for litecoin,
3rd: by stepping back and looking at the 1D chart we are clearly in a downtrend and you know what they say " the trend is your friend " dont try to outsmart it until we have a clear reversal signal,
To wrap this up our next support level is the .786 fib if we break it we are clearly retracing to $22 and if your asking yourself, yes, on our way down we do have support levels at around $45,$32 and $26 but again without any bullish signal or trend reversal its only a matter of time before we retrace back %100 all the way down to $22,
if you found this interesting and what me to take the extra step by doing extra TA on the support levels between $48 and $22 with extra volume indicators please leave a comment bellow,
like, sub and also leave a coin of your choose to take a deeper look at,
good luck guys : )
litecoin is looking like its about to collapse to its lows of december 2018,
1st: looking at the chart, our fib retracement from our low of $22 back in december to our high of $146 on june the 22nd, we notice that we retraced back and holding support on the .786 fib meaning we already broke our golden ration of 618 and this is a very bad sign,
2nd: Price is bellow every ema. We broke every single EMA on our way down and if you notice the emas are now all reversed AND in order from the lowest to the highest ( meaning: in a bull market the 200 ema will be the first at the bottom followed by the 100 above the 200 then 50 and 21 all the way up ) looking at the chart, the order that the emas are in right now its the complete opposite. We start with the 21 all the way down then on top of it in order the 50,100 and finally the 200 all the way up. This means that the every single ema had a death cross with each other and no more death cross is possible "cringe". No need to say in no way, shape or form that this is any bullish sign for litecoin,
3rd: by stepping back and looking at the 1D chart we are clearly in a downtrend and you know what they say " the trend is your friend " dont try to outsmart it until we have a clear reversal signal,
To wrap this up our next support level is the .786 fib if we break it we are clearly retracing to $22 and if your asking yourself, yes, on our way down we do have support levels at around $45,$32 and $26 but again without any bullish signal or trend reversal its only a matter of time before we retrace back %100 all the way down to $22,
if you found this interesting and what me to take the extra step by doing extra TA on the support levels between $48 and $22 with extra volume indicators please leave a comment bellow,
like, sub and also leave a coin of your choose to take a deeper look at,
good luck guys : )