#Litecoin #LTC $LTC Weekly Analysis + Long Term Forecast 06.06.2021

$LTC is under bearish pressure from the longer time frames and candles expect another leg down. Let’s explore the hypothesis from the different angles.

Monthly
May’s candle formed one of the strongest Bearish Engulfing on my memory. Both the RSI and MACD support further decline. While LTC can bounce up at the beginning of the month, the lower prices are expected closer to the end of June.
Odds: Strong Bearish

Weekly
The weekly formed a Dark Cloud Cover that was confirmed with a long red candle that closed below both 8 and 20 EMA lines. A weekly 8/20 bearish EMA cross could happen in just a few days and it would be the next significant bear message.
The coin have been pausing for the last two weeks and the next leg down could start anytime now. The other technical indicators do support the downtrend.
Odds: Strong Bearish

Daily
The Friday’s Bearish Engulfing was confirmed on Saturday. The candles are moving clearly below the 8 EMA line that is of great resistance. Note that the price also pierced below 200 MA on Saturday and this is the third attempt that could be successful this time.
Odds: Strong Bearish

Long Term Forecast

The long term forecast has not changed since the previous post. Based on two different approaches, the target area for the next wave down is $15-100, depending on what kind of shape the wave takes. After the decline, I am expecting a strong III wave and this hypothesis will be confirmed once a bottom is in place.

Musings:

All three time frames suggest that $LTC should move further down. It looks like the pressure is very high and a break down could happen any time from now.

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