Jun 21, 2019 --- Altcoins
Despite what looked like very strong support at the 0.014 level yesterday in Litecoin v’s Bitcoin, the bears were simply too strong for the bulls to handle which led to a breakdown below that level thus sparking a relatively large bearish SCMR pivot bar on a bearish candle formation that is helping to turn market structure negative for the time being due to a new MT lower high, none of which bodes well for the bulls moving forward. Neither do the lackluster momentum oscillators or the bearish Ichimoku Cloud, although most of the moving averages remain supportive below the market, strong dynamic support is still actively building, and volume profile looks good below 0.0xx, so we think that eventually this dip will be bought but perhaps not before more downside than previously expected.
Short term Members ProTrade - We will consider another small LONG position on a retracement back down to the 0.0xxx - 0.0xxx area with a stop around 0.0xxx and a target of 0.0xxx.
Medium-term Members ProTrade - We will consider a LONG position on a retracement back down to the 0.0xxx - 0.0xxx area with a stop just below the 0.0xxx level and a target of 0.0xx.
Long term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.00xx - 0.00xx area with a stop just below 0.00xx and a target of 0.0xx.
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