Litecoin sitting at major support

BITFINEX:LTCBTC   Litecoin / Bitcoin
Litecoin has pushed lower since it has penetrated through horizontal support and 50% Fibonacci support. The coin is currently sitting at the 61.8% Fibonacci major support and is looking to create a short-term bounce. Of course, Litecoin is also below both 100 and 200 MAs on both H4 and D charts as well as the downward trend line .

Since we are extremely oversold on the daily chart ( RSI below 5), we are looking for a short-term bounce against the 61.8% line as our risk indicator. Any significant move and close below this level will make 61.8% as a resistance level and now lower levels should be seen. Until that happens, we can look for higher levels in market that looks extremely one-sided right now.

Long at a current price - 0.01290

SL: 0.01190 - close below 61.8%.
TP: 0.01430 - trend line resistance.

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