There is a highly skilled trader on this platform that goes by @Mihai_Iacob and he recently published an idea about LTC which I completely agree with.
This analysis was not prompted by anyone, I am doing it on my own accord. I think great analyst deserve to be recognized and supported.
As you can see things are not looking great for LTC at the moment.
Why?
1. Rallies are being sold off with strong volume
2. Lower lows, and lower highs are establishing a downtrend
3. The most recent four 4 hour periods have been buy periods yet have failed to push LTC over the 50 DEMA aka the the last 50 4 hour periods dynamic exponential moving avg
4. Overall market is selling off, and LTC has been one of the weakest performers
5. The last four 4 hour candles are indicating a trend break. As it has been trending down since late January, we go with the flow. Down.
6. One of the strongest four hour periods for buying brought little price movement upwards.
7. LTC has no value outside of being an archaic test net for BTC. It is purely held up by price speculation. There is no fundamental built in value proposition for LTC.
Check out my other ideas below.
Credit: @Mihai_Iacob for his work on LTC
This analysis was not prompted by anyone, I am doing it on my own accord. I think great analyst deserve to be recognized and supported.
As you can see things are not looking great for LTC at the moment.
Why?
1. Rallies are being sold off with strong volume
2. Lower lows, and lower highs are establishing a downtrend
3. The most recent four 4 hour periods have been buy periods yet have failed to push LTC over the 50 DEMA aka the the last 50 4 hour periods dynamic exponential moving avg
4. Overall market is selling off, and LTC has been one of the weakest performers
5. The last four 4 hour candles are indicating a trend break. As it has been trending down since late January, we go with the flow. Down.
6. One of the strongest four hour periods for buying brought little price movement upwards.
7. LTC has no value outside of being an archaic test net for BTC. It is purely held up by price speculation. There is no fundamental built in value proposition for LTC.
Check out my other ideas below.
Credit: @Mihai_Iacob for his work on LTC
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