Litecoin - stay away from the carnage

Numerous times have I emphasize on the fact that Litecoin was one of the most overextended majors in the last mini-bull cycle. Most of those cycles have a common pattern that you can see. Early and late runners as well as BTC pumping in between them.

Litecoin was an early runner. It initiated the flow of money into the market and as soon as LTC stabilized near the top distribution phase started. When LTC is distributed there is no other reason to return to the highs. Sells occured on bigger players, profit was taken, short positions was opened, so next phase is on the way- DOWNTREND.

Possible projection on chart. Inability to make a higher high after rejection of the top of the range is going to lead to a test of the EQ of the range. 0.016315 will be a crucial level to trade as a high probability short area.