LTC dropped over 30% after a very nice bull run. With BTC reaching near ATH levels, the whole market corrected, including LTC which broke the parabola in pink and the Fib 23.6% level. This all meant that we were headed much lower.
Now we are getting closer to support areas found between $61 and $56. We are still in a very sharp downtrend which will likely break soon (the dashed line). There is also a bullish divergence forming on RSI which indicates we will take a break from this fall. However, that may be a short relief before we go lower to test the high $50's as support.
Bias is bearish until we find support, thus be careful if you long any relief / bounces.
In any event, watch BTC as that will be a leading indicator for LTC.
Now we are getting closer to support areas found between $61 and $56. We are still in a very sharp downtrend which will likely break soon (the dashed line). There is also a bullish divergence forming on RSI which indicates we will take a break from this fall. However, that may be a short relief before we go lower to test the high $50's as support.
Bias is bearish until we find support, thus be careful if you long any relief / bounces.
In any event, watch BTC as that will be a leading indicator for LTC.
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