Disappointing action on Litecoin. It seems like there is a market maker bias to the downside. The price action has been strange, where we're usually accustomed to LTC having high beta to BTC. Typically, if BTC is up, Litecoin is up and vice versa. The new dynamic is worrying.
$228 is a weekly candle close support to pay attention to, but more locally on the 4h, Litecoin can flip bearish on the drop of a dime. Litecoin needs to see all-time-high somewhat soon, otherwise, it may drop down the rankings. My theory is that the market maker is offloading large portions to very liquid bids, whereas asks are unattractive.
I have a huge Litecoin position and my thoughts are going out to it.
Will post an update,
Massimo
$228 is a weekly candle close support to pay attention to, but more locally on the 4h, Litecoin can flip bearish on the drop of a dime. Litecoin needs to see all-time-high somewhat soon, otherwise, it may drop down the rankings. My theory is that the market maker is offloading large portions to very liquid bids, whereas asks are unattractive.
I have a huge Litecoin position and my thoughts are going out to it.
Will post an update,
Massimo