LTC GOING TO 50 $ OR NOOOO?

whats up guys ...cryptosoul55 love you ...., things happen in technical analysis that just blow me away. Sometimes, it's when I discover fractal relationships, that show several formations that suggest price targets that converge on the exact same area. Occasionally, it's when a pattern has been forming over a long period of time, and some news or some catalyst occurs at the exact time when a breakout is needed to complete the pattern. Today, it was a correction percentage relationship to BTC .

Now, BTC - has broken down from an inverted cup and handle formation on heavy volume . The cup on the BTC - chart is large enough to produce a correction below 3000, but since the 3000 handle is heavy support for BTC - , I will use that as the primary downside target for a breakdown of the BTC - head and shoulders formation. That's nearly 60% lower for BTC . Obviously, there will be relief rallies and support levels along the way, but if BTC - breaks down below the neckline of it's head and shoulders pattern, 3000 is my primary target for major support.

So, if BTC - falls 60% from the current levels, we could see a similar fall in LTC. That would put LTC around the 50 range, which is near the downside support level that has been on my chart at 50. This shows me that there is a relationship between the formations that BTC has produced, and the major downside support that I have previously defined in LTC. However, 60% is significantly lower, and several less significant support levels exist along the way. So, reactions to them should be carefully assessed on the way down.

Right now, BTC - , LTC, and others, have put in a "tweezer bottom" candle formation, and price is now rallying back up toward the moving averages. LTC has technically formed a double bottom as well. It wasn't exact, but it was within a few percentage points of the low of 2/6, and that technically classifies as a double bottom . Look for the 20 EMA (in blue) the 50 EMA (in orange) or the bottom of the triangle to provide resistance, to send this market back to the downside.