BTC Bear Cannon Blasts LTC (again)
Updated
I'm amazed how many crypto traders constantly build 10-day charts with 27 indicators trying to rationalize that the inevitable upswing is just around the corner. BTC and LTC shown in THE SAME CHART as I've been publishing since mid-February, with ranges still holding. Three days ago I figured we'd cross below target 1 on LTC and we did, but LTC fall has accelerated and it's taking another trip down range Just based on supports we would assume this fall will take us down to $86 before the end of the month, but the pattern in the last month has been for LTC to drop rapidly on each fall in BTC and then to recover and test the top of the range following a BTC rally. I thought we would be on track for an LTC target 2 of $88 in mid-April, and I still think that is likely. Ready buy orders for LTC once BTC stops hemorrhaging, probably in the $105 range. The cycles have seen 3-4 day recovery so first target to sell would be $128 and then $140. If the cycle holds this could be an opportunity to make a very decent profit on a swing trade in this down market. Average your buys to minimize risk. If we break the cycle, the drop will take us down to 86 and likely even further.
Note
LTC popped to 126 and is pulling back slightly as is typical of these cycles. We should see further rally before it turns back to the down leg.
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