Like our Bitcoin Cash (BCH) idea from yesterday, we now present some adverse developments in Litecoin (LTC).

Litecoin (LTC) appears to be doing the exact inverse of what it did back in February. In that case, LTC burst through the 200-week moving average and the consolidated above the average for three weeks. Then, in the fourth week, a significant move up unfolded.

In the current case, Litecoin (LTC) had fallen below its 200-WMA two and a half weeks ago. This week will be the third week it is below the average. It also seems to go down every day. It looks like bears have complete control of the market.

Bottom Line: Charts are forcing us into a negative stance on Litecoin (LTC). We are seriously afraid of mirror image repeat of what happened earlier this year. If that is the case, traders may need to use short LTC and BCH positions to hedge long term holdings.

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