Either a fakeout or bull trap, but LTC broke down out of the symmetrical triangle. Waiting for a bounce but a test of previous lows are back in play. Unless there is a lot of buying momentum soon, LTC could be testing $156, $130, and at the lowest of $110 again.
Personal opinion:
LTC follows BTC, BTC is acting similar to its 2013 to 2014 run. We could see it repeat a similar action in a double top cycle but I've been reading up and watching others explain the law of diminishing returns. The market cycles are getting more extended over time and there are those arguing we moved up too fast and need a few months to consolidate. Some are calling for the market top to be in 2022 around June or July. We could test $110 for LTC to confirm absolute bottom for this run before continuing and this could take months before the accumulation period ends to resume back on track with the market run.
Personal opinion:
LTC follows BTC, BTC is acting similar to its 2013 to 2014 run. We could see it repeat a similar action in a double top cycle but I've been reading up and watching others explain the law of diminishing returns. The market cycles are getting more extended over time and there are those arguing we moved up too fast and need a few months to consolidate. Some are calling for the market top to be in 2022 around June or July. We could test $110 for LTC to confirm absolute bottom for this run before continuing and this could take months before the accumulation period ends to resume back on track with the market run.