Litecoin breakdown

Litecoin daily

Hello everyone as you all heard Litecoin suspended the Litepay launch indefinitely which cause Litecoin to dip 10%
Litecoin announced in an email to its users that they had to pullback the project indefinitely due to the card registration process citing “hostile actions” by card companies.
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It’s good that the Litecoin foundation suspended like this with complete transparency to its users rather than collecting funds and lying to its users with what’s going on behind the scenes.
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Also note how strong the Litecoin HODL community is; a news article like this which made Litecoin gain massive volume for the past month only causes an 10% pull back which means a lot.

Now , the technicals are still valid and yes I am still very bullish on this long term the projection of 400$ still stands.

However do note what is happening in the market on the short term.

Daily zoomed in
We have a confirmation of a new down trend that might last a week or two.

From a technical side we formed a double top at the 230 price level and failed to break past it and now we are seeing the beginning of down trend; as confirmation you can see Lower high has formed with a reversal pin candle stick (white arrow)

The next price level for Litecoin is back to 190 so you might want to consider selling now

Litecoin hourly

Anticipating a breakout (downside) from the red line.

Disclaimer: This is not a financial advice. This is Clearly my thoughts on litecoin. Please do your research or get the services of professionals in this field for your financial concerns.

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