LIT/USD - We left the channel. Bearish price action!⛔
As expected, after quite a nice pump to almost $15, LIT corrected quite deeply and we fell off our large ascending channel. This is no surprise, because LIT is still a young coin and price has to find its support and resistance levels, so volatility remains high.
Where are we now? After falling off the ascending channel we had one small attempt to pull back in, but that was quickly pushed back... this is bearish.
Then the indicators are not looking too good. We have a bearish MACD and RSI on 4h timeframe. Therefore I expect us to fall a bit lower up to around $10 when I would expect LIT to pump out again.
So watch the key area in blue because there price will have a sharp reaction. If we fall under $10, then that won't be good... but too early to call that and seems unlikely.
For now I remain bearish as long as we don't break this diagonal resistance.
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Where are we now? After falling off the ascending channel we had one small attempt to pull back in, but that was quickly pushed back... this is bearish.
Then the indicators are not looking too good. We have a bearish MACD and RSI on 4h timeframe. Therefore I expect us to fall a bit lower up to around $10 when I would expect LIT to pump out again.
So watch the key area in blue because there price will have a sharp reaction. If we fall under $10, then that won't be good... but too early to call that and seems unlikely.
For now I remain bearish as long as we don't break this diagonal resistance.
Like and follow if you liked this idea. Also join my crypto community to stay in touch!
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