LTCBTC: Litecoin bound to severely underperform Bitcoin
Updated
It would appear as if the bear market in Litecoin is still valid.
The previous trend signal has a very bearish target for the coming 8 months, and there's a possibility of getting a new bearish signal, from a lower starting point. This is indeed, very bearish, and is confirmed by rgmov (not shown here) retracing but not forming a new 44 bar high (we recently had a new 44 bar low).
The Litecoin/Dollar chart is bearish, we have an overbought rally which was clearly rejected, and price sliding down from all support levels, with weekly bars expanding range down. It'd take a miracle to revive Litecoin at this point, and it seems to be eaten alive by the mining supply.
This doesn't discount the possibility of an artificial rally to emerge from lower support levels, or from here but it would take a strong push above this month's high and above both 8 month levels.
It'd be a stretch to have any kind of bullish bias for Litecoin, so, abandon ship, or look to go short if we hit the range expansion level this month, at 0.01079.
Regards,
Ivan Labrie
Time at Mode FX
The previous trend signal has a very bearish target for the coming 8 months, and there's a possibility of getting a new bearish signal, from a lower starting point. This is indeed, very bearish, and is confirmed by rgmov (not shown here) retracing but not forming a new 44 bar high (we recently had a new 44 bar low).
The Litecoin/Dollar chart is bearish, we have an overbought rally which was clearly rejected, and price sliding down from all support levels, with weekly bars expanding range down. It'd take a miracle to revive Litecoin at this point, and it seems to be eaten alive by the mining supply.
This doesn't discount the possibility of an artificial rally to emerge from lower support levels, or from here but it would take a strong push above this month's high and above both 8 month levels.
It'd be a stretch to have any kind of bullish bias for Litecoin, so, abandon ship, or look to go short if we hit the range expansion level this month, at 0.01079.
Regards,
Ivan Labrie
Time at Mode FX
Note
Not much going on yet, this one takes at least 3 months to move, if it doesn't get invalidated and if range expands down that is. For now it's a viable thesis. First target is en route.Note
Downtrend active. Aiming for targets: 0.00587-0.00284-0.00134Note
En route.Note
The slow death of LTCBTC.
If the blue box fails as support, ltc will continue to fall.
Note
You can see we bottomed at the target #1 for the decline. For now at least.
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