LTCUSD's Overall Downward Trend
LTCUSDLTC for the most part has been holding steady with support around the $44 level (c & e). It looks like we're witnessing a price correction before finding resistance at the 0.618 retracement level. The current pattern displays signs of consolidation raised up by market uncertainty and the competition between bulls and bears during false bullish runs which would result in a breakout toward the 0.786 retracement level. If we do witness a price consolidation, it would be similar to the consolidation witnessed during Phase-A just before the main breakout, up or down. Due to the fact that LTC follows in the footsteps of BTC when it comes to price correction and deviation, the potential for the next breakout to be downward in nature heading toward the $30 mark would be the most likely scenario.
My recommendation at the moment would be to remain neutral, buy the incoming dips and set long term goals for most of my investment portfolio. Our neutral stand will end once market correction fully completes. The path to correction and upward breakout would be much clearer without the FUD that crypto markets are currently facing. I have an alert for $42 and $30 to alert me of the initiated downtrend and my potential buy in point respectively.
Please note that my views are not to be considered trading advice or knowledge. My thoughts on this matter are exactly that, thoughts. I will not be held liable for losses on your part after your decision to follow what I have mentioned here. That being said, Thank you for reading my perspective. Leave your thoughts below.
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