LTCUSD: Downtrend active, potentially explosive...

I'm flat here, but I see $LTCUSD has coiled for a while and is now trending down. Once it breaks the line here in red, it will start sliding down sharply. Implications are we hit minimum target #2, but possibly all the way down to target #3 here, which would erase all the gains it made since they added Segwit to Litecoin. Talk about downside potential...
It might be worth joining the short side, either on retrace after this week, or breaking down below the level I'm setting alerts at here. I'll watch the daily and weekly charts closely to short it, if viable. Otherwise, will be glad to pick it up on the long side after this drop pans out (and Charlie Lee, will probably do the same as well...)

Best of luck,

Ivan Labrie.

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Working well.

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Waiting for buying to be absorbed before entering short here. Technical traders started buying LTC but I believe longer term smart money is selling. They will either sell into their buying here for a sideways move during a few days, or let them buy and short again higher. If price erases last week's range, then buyers won. We can short once the buying momentum is exhausted.

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This should be ready to fall again:

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Yep...

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This will break down explosively.

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$LTCUSD looks a lot worse than $BTCUSD, $LTCBTC looks tremendously bearish
s3.amazonaws.com/tra...shots/a/aFMcw4Sc.png

Just don't buy it...shorts, if in, trail stops gradually.