It's a make-or break moment for Litecoin. We're at levels not seen since late 2017. There is strong support at $51.22 and and $49.44. These are levels that have been attempted three times in the past year. Based on this, it seems like Litecoin is at bargain prices at the moment.
Assuming one wishes to enter a long trade, be advised of the following levels from above, which can be thought of as profit targets, and will provide resistance. First, we have $58.00, which is not only a psychological level, but the 50 day moving average. We saw the wick of today's candle stop just short of this level, validating its significance. Next, we have the 100 day MA at $64.70 or so. Finally, we have $68.16, which is the 0.236 level of the Fibonacci retracements. After that, all levels are in the $70 handle, and it's probably a safe bet that we won't see these until 2019 unless something major happens.
Of course, with cryptos these days, one must always consider the down side. This scenario is particularly grave, because if current prices do not hold, there is a vacuum zone down to the lower $40 handle, at $40.12, very close to the psychological $40 round number. This is the 0.382 Fibonacci retracement level, which should hold firm. Otherwise, we could be looking at the $20 handle.
Assuming one wishes to enter a long trade, be advised of the following levels from above, which can be thought of as profit targets, and will provide resistance. First, we have $58.00, which is not only a psychological level, but the 50 day moving average. We saw the wick of today's candle stop just short of this level, validating its significance. Next, we have the 100 day MA at $64.70 or so. Finally, we have $68.16, which is the 0.236 level of the Fibonacci retracements. After that, all levels are in the $70 handle, and it's probably a safe bet that we won't see these until 2019 unless something major happens.
Of course, with cryptos these days, one must always consider the down side. This scenario is particularly grave, because if current prices do not hold, there is a vacuum zone down to the lower $40 handle, at $40.12, very close to the psychological $40 round number. This is the 0.382 Fibonacci retracement level, which should hold firm. Otherwise, we could be looking at the $20 handle.