Litecoin Crashing???

A technical look at Litecoin.

First, though, a brief explanation of my method. I realize there may be setups on shorter timeframes, but I prefer to look at the larger timeframes for a couple of reasons:

1. Larger timeframes provide a better picture of big money and big money moves the market
2. Larger timeframes can potentially lead to larger profits.

With that being said let's take a look at Litecoin!

As you can see, Litecoin is currently in "No Man's Land." This is an area srongly associated with chop (if you haven't heard that expression before just do a quick Google of "Choppy Price Action"), this is not an area I want to trade.

Several weeks ago, we pointed out that there was a high probability that Litecoin would test the $140-$158 area and we got that test [and we picked up some ltc :)]. Right now Litecoin price action is between the $250ish area and the $140-$158 area. If anything it appears it might be a little bearish, meaning we could see a return visit back to the $140-$158 area before a new accumulation phase begins.

Personally, I will be sitting on my hands and waiting for better price levels.

*If we get a close below $140 then there is a high probability we will test the $83-$102 level.

This article is intended for educational purposes only and not meant to convey any financial advice. Trading can be a risky venture and personal due diligence is required.