Though the LTC:USD pair tends to move with the price of BTC:USD, the LTC:BTC pair does not. It has been getting pummeled through out this Bitcoin bull market. The 2 horizontal yellow rectangles are the only times LTC:BTC has had a 100% retrace of a large scale move. The price is falling back into the support zone. However, considering LTC’s recent history it may only have a small bounce before making new lows.
The trade is waiting for the price of BTC to top out and then play the bullish LTC:BTC waves upwards. One could take a small position inside this box the price is selling into now, but the week is far from over and caution should be advised with BTC:USD breaking above resistance from the last sell off.
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June 30th, 2016