LTC/USD After a fork, looking bearish

Position: Leaning Bearish .

Not as many Bearish indicators on LTC as there are on ETH. But enough to make me think this is going down. Perhaps one of the biggest reasons LTC will go down is it will be dragged down by ETH and BTC . ETH has a solid reversal set up to drive it down further. If LTC dips, I REALLY like the set up we have here. I will go into that at the end.

Bear indicators:

1. MACD averages crossing down, but... still in positive territory.
2. RSI is in oversold territory and broken it's trendline to the downside.
3. It's consolidating - You could argue it's consolidating to move up, or down. I would lean more towards the bulls are temporarily out of steam after a fast high volume run up.

For all of this to be confirmed, we need a break of that $205-210 support level. It might channel a bit before it does, but we'll have to see.

I will be a strong buyer at the 160 area and an even stronger buyer just above $110 if it gets there. If it keeps going up, no big deal. Made some money with this run up and the fork and will wait for another opportunity to present itself.

Buy level 1 at the 160 area: Has nice support and a FIB point.
Buy level 2 at the 110 area is a major bottom.

Happy Trading


评论: Breaking up, if we get a solid push and close above this level, expect it to push higher.
评论: LTC failed to have any kind of continuation above the channel. My original call still might hold true. I would think any sideways movement would only strengthen this position of a downward push. (maybe a head and shoulder would form?) Need a break of this 200 level to confirm a move down to the 170 area
What fork? that was a scam!
woldon xeropm
@xeropm, why is the fork a scam?
woldon xeropm
@xeropm, how come LCC is now trading some 24 hours on small exchanges such as Yobit. Seems that a hard fork has taken place even if it has not been initiated by the Litecoin team.
woldon woldon
@woldon, have checked Yobit out. Interesting that the withdrawal function for LCC is under maintenance. Also checked reviews which led me to one conclusion: LCC may be OK but stay far away from these small exchanges where you can transfer coins in but cannot get them out again.
woldon woldon
@woldon, these small exchanges were listed as exchanges that would automatically add LCC for the LTC sitting there at time of hard fork. I am wondering if those people who actually transferred their LTC to such an exchange were then able to withdraw their LTC again. Tread carefully indeed.
Sherem xeropm
@xeropm, Per my comment below, it's not endorsed by the "official" litecoin team and it can be debatable whether it's a good or bad thing. But it happened. It's trading on yobit right now -
woldon Sherem
@Sherem, please see my comments above.
Sherem woldon
@woldon, I am not surprised that they are limiting withdraw of LCC. Where would you withdraw to at this point anyways, the LLC wallet hasn't been released yet. If you have LCC, usually you can sell it to BTC and then move it out that way. Great move on it. If it does anything similar to BCH, it's going to the $20 area, already at $8. But I agree, tread carefully.
woldon Sherem
@Sherem, agreed. At some point in time I will need to use an exchange - to get in and then out ;-)
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