D4rkEnergY is back with a look at BITCOINS trusty old companion - Litecoin. Let's take a look at the 4h LTCUSD Chart.
L.itecoin has been having a terrible last few weeks. It started out so great though with a nice pump, and the were starting to appear in the clouds high above.
But the retracement came, and nowhere could Litecoin find support for a continued uptrend. Fibonacci level after fib-level failed. Yesterday we finally tried to break out from the , but unlucky for us, the resistance line collided with 78,6 % Fib-level. And right now Litecoin is almost back at exactly where it started its pump. How awful it must be to be Litecoin today.
As you can see, we are right now under the purple Value Area, which means we are in a downtrend. We are at 119 dollars, where we have support because it's a High Node. But the troubles aren't over. D4 hates to say it, but there's not really any doubt that we have to go lower. And the chart will show you 5 reasons for why we will go to the next , which is a Low Node at 108 USD.
1. Now, Litecoin has been in a nice downwards channel for days. Look at how it tried to pump and break the channel wall, as mentioned before. It failed miserably, so now we have to go lower, before we can try to make a new attempt.
2. We have just witnessed a steep downtrend, and then a small consolidation, which now has formed a , which predict, that we will fall even lower. This screams weakness and is not gonna end well.
3. Bear is strong, bull is weak. The relationship between bull and bear is quite simple to observe and always a very strong indicator.
4. The confirms that we will go down. is making higher highs, while the price is making lower highs. Hidden divergence.
5. Bitcoin! - Yes, Bitcoin is on the way down, and of course it will not go down in the darkness alone without its trusty companion, the little Litecoin.
There you have it. I always break the truth to you. I feels I must... because...
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We will soon hit 108 USD!
A very tired D4 just want to say thank you for following me and for all the love and support - really appreciate it <3