Litecoin on the btc pair is at a double bottom region on the monthly chart. I see two possible scenarios happening - we break out to the upside in both, but do we continue or do we retrace down and go into lower lows?
The red line is the current downtrend so until we have proof otherwise, all upside is speculation.
The green line is the path and FIB levels based on previous bounces at this level during bull markets. IF it does make that move up, it'll retrace before a further move up.
I've outlined some of the major resistance/support levels with the green boxes - I would suggest playing those as buy/sell levels and breakouts from each of those levels IF you are day trading the move.
The red line is the current downtrend so until we have proof otherwise, all upside is speculation.
The green line is the path and FIB levels based on previous bounces at this level during bull markets. IF it does make that move up, it'll retrace before a further move up.
I've outlined some of the major resistance/support levels with the green boxes - I would suggest playing those as buy/sell levels and breakouts from each of those levels IF you are day trading the move.
Comment:
Holding firm on the weekly chart - This is where it needs to bounce to follow the green trend up - if we break that red, I'd imagine more downside to come.
