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wallstreetwise

LTC - Second Leg of rounded double top reversal

Short
Litecoin (KRAKEN:LTCUSD)  
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KRAKEN:LTCUSD   Litecoin
Trend Analysis Chart Patterns charts trendcontinuation reversal Bearish Patterns LTC LTCUSD Litecoin (Cryptocurrency)
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trendanalysis chartpattern charts trendcontinuation reversal bearish ltc ltcusd litecoin
snapshot

The second leg of LTC's rounded double top reversal is about to begin. All indications point down. We did have a bear flag, but the second top was formed and the bearish arc is taking shape. And, the bearish slant will create a stronger downtrend. Although the patterns did break from my initial chart (dumpling top reversal), LTC is still on the path of a rounded top reversal (very bearish). With that in mind, I am confident in my assessment that we will dip in into the $50's.
Kommentar:
And it's happening as we speak... As predicted.
Kommentar:
Based on the magnitude of the recent selloff, I am seeing a lot of red in the near future. We could reach insane lows if supports are broken. A lot of uncertainty here, so I'd recommend staying away from buys until this mess is sorted out.
Kommentar:
Before Wave C completes its final leg, expect a bounce. TP is 67.
Kommentar:
The bounce never came through. However, the price is still following my chart perfectly. I will admit: I did not expect the price to break the strong support at $50. Now that we're in the 40's, anything is possible. This will be a bloodbath before it's over.
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