LitecoinShort
Litecoin Double Bottom - Short
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Chart Key
Light Purple Line - Top of Channel starting late March
Red Dashed Line - Bottom of Channel starting late March
Green Dotted Line - Average 100 Day EMA through all data points - this just shows the average sloping increase from previous data.
Litecoin is showing a challenging recovery after the recent all time high(ATH) on Sept 1st.
Downward indicators
The reasons for the recent downtrend are multiple
I believe LTC/BTC/ETH will hit another low before heading upwards. This is just part of the natural correction before coming back into the standard upward channel. I don't believe China can take the blockchain down, despite LTC losing 50% of it's market cap in the past 19 days, I can see it is rising again, and we're back where we were before the recent all time high of $99. (see this image) https://drive.google.com/open?id=0B_EUyJXjIdzFb1lBTWEzUUIydnc
Notice the weekly volume according to BSP_Xel Volume indicator. This indicator at the bottom of the image shows sells outpace the buys, and the sell volumes are growing.
Light Purple Line - Top of Channel starting late March
Red Dashed Line - Bottom of Channel starting late March
Green Dotted Line - Average 100 Day EMA through all data points - this just shows the average sloping increase from previous data.
Litecoin is showing a challenging recovery after the recent all time high(ATH) on Sept 1st.
Downward indicators
- MACD has crossed over blue line a while ago on Sept 9th at weekly and daily charts.
- Daily and weekly price action has continued on a downward slope, show slight signs of recovery, but always a dip after.
- Sales volume has surpassed buy volume and is growing
The reasons for the recent downtrend are multiple
- The 99USD ATH was quite above the previous channel. $46 Low to $74 high would have been normal channel ups and downs. We reached a 99USD high and so we stand to see a strong correction/consolidation. (See chart)
- The bears/whales rushing in to take profits after the recent surge - Skimmers, Scalpers, Swing Traders, etc ... many got out after the surge in the 70-85 range.
- The recovery has been slowed by Chinese markets closing and/or being banned from trading by Peoples Bank of China (PBOC). According to the WSJ, regulators have decided on a "comprehensive ban on channels for the buying or selling of the virtual currency in China" - wsj.com/articles/china-widens-bitcoin-crackdown-beyond-commercial-trading-1505733976
I believe LTC/BTC/ETH will hit another low before heading upwards. This is just part of the natural correction before coming back into the standard upward channel. I don't believe China can take the blockchain down, despite LTC losing 50% of it's market cap in the past 19 days, I can see it is rising again, and we're back where we were before the recent all time high of $99. (see this image) https://drive.google.com/open?id=0B_EUyJXjIdzFb1lBTWEzUUIydnc
Notice the weekly volume according to BSP_Xel Volume indicator. This indicator at the bottom of the image shows sells outpace the buys, and the sell volumes are growing.
Nota
Notice the weekly volume according to my indicator. The sells outpace the buys, and they are growing. <img src='tradingview.com/x/cew9BcOB/'>image</img>
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