whatsinthecupsir

Litecoin Short Term TA Day 9

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
After a day of sideways movement yesterday, we have finally broke upward and reached the 160's again! We reached a high of 162.10 before pulling back.

Litecoin short term is still bullish which is good. We will need to break about $145 to reverse this. I circled what I believe could be a good buy zone in case LTC does decide to turn around. We have support at 141.20, 137.1, and 130.5. The lowest I see it reaching is that 141.20 mark, but I don't see that happening today.

Our current short term resistance is in the 161-161.50 range. If we can break, our next HUGE test will be at 172.50. This will reverse our previous lower high pattern we have been seeing the last few days and will break our one of our longer term resistance bands.

I'm hoping LTC moves sideways for a while to consolidate at these levels. I really want to see a test of the 172.50 resistance. That would be huge for Litecoin.

If any drastic changes occur in the next few hours I will update this. Please check out my previous day TA's of LTC and follow me if you would like to stay updated with my analysis.

Side note: Of course, LTC is highly tied to BTC , and BTC bounced off 8700 three times which is not a good is sign, but the drawback hasn't been extreme. That is why I am hoping we can consolidate at these prices for a little while so when the times come we can past the resistance.

Comment: Broke our short term resistance, we are getting extremely close to that 172.50 range. I expect a lot of resistance as we approach but if we can keep up this volume and buying pressure we just might be able to push pass it easily
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