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Bear Litecoin

The Kiss of Death? Litecoin Forms Brutal Bearish Crossover

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
2 years ago
·
Posted in Litecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin and Crypto Markets Continue Their Slide…But Why?!Litecoin is trading more than 40% lower than pre-halving local highs. But according to an ominous-sounding technical analysis signal, LTC could have a lot more decline ahead.

Litecoin Triggers Death Cross After Halving Rally Failure

This month, the Litecoin block reward halving came and went, leading to very little upside. The disappointment is partly responsible for the depth of the recent post-halving crash. The rest is part of a broader market correction driven by Bitcoin.

Related Reading: Examining The Potential Impact of the Impending Litecoin Halving

The cryptocurrency has lost around 45% of its value since late June. The fallout from all the selling has taken price below two important moving averages — which have since formed a death cross on daily LTCUSD price charts.

A death cross occurs when the 50-day moving average (50MA) crosses over the 200 day moving average (200MA) from above. But what exactly is a death cross and what does it mean for Litecoin?

Litecoin death cross

Another death cross. Is this one the killer? | LTCUSD on TradingView.com

Does This Signal A Return To A Downtrend In LTC?

The death cross is a bearish technical analysis signal that tells investors that the trend is potentially turning down. In contrast, a golden cross would be a bullish signal suggesting the market is poised to head upward.

The last death cross in Litecoin resulted in a 30% rise and a golden cross triggered in the days that followed. But now the deadly version of the signal is back again on daily LTCUSD charts. And it could be back for blood.

Related Reading: Is An Apocalypse Coming To Altcoins In August?

What we don’t know yet is if the crossover is more market whipsaw — a common challenge and limitation of using moving average-based trading systems — or if it is indeed a forewarning of a dangerous trend change. Another golden cross after this latest death cross would once again nullify the bearish outlook.

Importantly, LTCUSD is already crossed bearish on weekly charts, it just that now the daily is joining back in on the action.

#Litecoin has death crossed again on the daily

Even worse, both the 50-day and 200-day averages are turning down

Not looking so hot pic.twitter.com/kwUV03tc7P

— Tony “The Bull” (@tonythebullBTC) August 24, 2023

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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