Litecoin is at a massive market pivot
The SCMR system noted on the chart has now hit 6 out of 6 times. LTC is now in a 6th bull market…or maybe it ended??? Let’s take a look at the most probable options based on history and market models. Why are we even speculating you ask? Because this current rally has echos of the smallest previous rally of the signal noted above.
Bull bias is dip buying the current uptrend channel. Their narrative is strong based on the 4 of 5 previous bull markets that produced greater than 150% gains, it fell just short of 50% this time. They’ll likely be buyer until a red candle prints.
A general bullish market bias will likely remain strong even if the market moves like the black line on the far right which creates an obvious range trade.
Bearish traders see that the small rally after the last halving rolled off and that price sank very low. The orange resistance line and capped by the red hammer is the Bull/Bear price pivot for now. IF the price does follow the last halving dump fractal perfectly then the low should come in December 2020, just in time for the seasonal altcoin cycle. At least the worst case has an upside right?….right??
SCMR Chart powered by the Analysis Suite found at https://www.spydercrusher.com/