FUD WATCH: LTCUSD 'LITEPAY' Postponed

27 feb 2018

LTCUSD

Just when things started to heat up really nicely for LTCUSD, FUD was dropped into the cryptosphere. That said, LITPAY has been postponed.

So, what does this mean for LTCUSD? In my opinion, unless we see LTC breakout above $240, I am expecting LTC to dip under $200 (as expected).

Currently, LTC appears to be forming a descending wedge on the 5 Min chart, which may translate to a short-term surge to the upside. However, this may not translate into bullish follow-through above $230-$240. Hence, resulting in a bull-trap.

Fundamentally speaking, LTC now has more reason to complete its correction (downward) before rallying once again toward $300. As I've stated before, I am looking for an entry Sub $200, with a few bounce plays in between.

Since anything can happen, I am also open to a bullish run/continuation. However, I will not be convinced of this scenario unless/until we break $250.

Bigger picture, I am still 100% long LTC. I am merely interested in adding to LTC bag along the journey to the larger round target of ~1k.

The next 48 hours will be most revealing in what direction LTC will be heading in.

Unless LTC (or the Cryptosphere, overall) is blessed with a positive headline, I am expecting for the Bears to continue swatting the price downward.