LTC has been correcting for about 2 months ever since exploding through 100 and hitting highs around 420 BUT it seems to have found some support around 100-150. LTC consolidated inside Decembers range for all of January and took out the lows (135) the first week of February. LTC spent the last week consolidating setting up for continued downside or a bullish monthly reversal. What do you think???
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Resteem
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Sometimes LTC really shoots up a lot. But each time it goes back down, losing most of the upside :(
I think it's just about ready...
LTC/USD
Litecoin is close to the 20-day EMA, which has acted as strong resistance on two previous occasions.
If the bulls break out of this level, they are likely to face another round of selling around the $175 mark, which has dual resistance, from the downtrend line and the horizontal line.
Once the LTC/USD pair breaks out of these resistances, it will probably start a new uptrend, which can carry it to $243 and after that to $307.
Traders can initiate long positions once the cryptocurrency breaks out and sustains above the $175 levels. We don’t have a specific stop loss position. We can update the same one once our buy levels are triggered.
Well said