We have seen this movie before. The start of a bull run, the top out and then the grind lower till we get back to where it started.
Today's movie is Litecoin
Looking at the chart in this post you can see the move sparked in March and as we know a push into the halving event.
Price topped out coming into that and begin the slide down.
Here's what is key: the price level, around 58, where the move started represents a support as price consolidated there before the move.
When price came back down to it you can see there was some fight but the sellers did push it slightly below and now that 58 area is acting as a resistance.
That is not very bullish. The next support level is 50. Here is hoping for a push higher instead.
Posted using Partiko Android
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