Cryptocurrencies Outlook | LITECOIN
Monday, 9th July 2018
Note: I use New York Close Chart for all my Trading Analyze.
LTC/USD
Like BTC and ETH, LTC may have hit an important low of 72.02 on June 29.
LTC is by far the weakest among the 3-cryptocurrencies tracked and it remains deep in bear territory.
For the time being, we’ll take this rebound from 72.02 as a technical correction although it too like BTC and ETH could be a turning point.
Potentially, this turn-around could eventually make a move for the May 6 swing high at 183.28.
However, in the medium-term, topside potential is probably limited to the supply zone at 94.69 – 98.47.
In the hourly time frame, the counter-trend rise from 72.02 is developing nicely however, the highest LTC managed to recover to was 89.12 on July 3.
Since then, no new high has been registered and is this is troubling for the immediate bullish case.
While both BTC and ETH managed a new high for the week after last Saturday’s surge, whereas LTC price action was not so robust.
Only a surge beyond 89.12 to put the immediate bullish bias in LTC back on track.
Going forward, we could see a dip into the immediate demand zone at 77.30 -79.76.
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