LTC Looking Very Bearish

Oct 29, 2018

LTC has been looking extremely weak on the daily pretty much since the inside bars broke bearish on Sep 28th. Weak bounce on the 4th of October followed by the loss of the 25 period EMA and the 7 period EMA as support on the 9th and has not been able to get over it since. After another major leg down this morning from 51 to 47.34 we are still not looking that oversold on the daily, considering we are still deep a bear market.

At least as far as the daily is concerned I would not want any short to mid term position in this coin, as there is plenty of room for another leg down and very few supports left until around the 40-45 level, followed by the 30's.

With BTC being perilously close to breaking the weekly equilibrium bearish there is no reason to buy this coin until the smoke clears, as it is more likely in my opinion to see a decline to the low 40's than to reach the mid 50's again short to mid term.. I recommend waiting until BTC definitively breaks above 6.8-7.4k to take ANY long term position on LTC.

On the 4hr time frame it is looking oversold, but again, with BTC so close to testing it's yearly lows I would not want to recommend an oversold bounce play that goes anywhere at this point unless you've got the capital to make a ton of money on very small moves.
Volume: higher than we've seen in almost two weeks, and bearish.

RSI: 32...still plenty of room for more downside

EMA 25: Resistance since Oct 10 on the daily
EMA 7: Resistance since Oct 10 on the daily


Support: 47.30, 50
Resistance: 56.75, 59.79, 65


Unless there is a massive volume move to the upside we will not likely change the daily downtrend in the near term.