Today Litecoin has reached the support level at $72. This is the 361.8% Fibonacci retracement level that has been rejected cleanly. At the same time price has reached the lower trendline of the descending channel, and overall it seems like it could reverse to the upside.
Nevertheless, there are no confirmations of this happening right away and LTC/USD still could decline lower. It is important to watch the current price action in general and the $72 support in particular.
If the support will be broken, with the daily close below, price should decline further towards 427.2% Fibs at $57, that also corresponds to the lower trendline of the descending channel. But, if the support will hold, trend reversal could be the case, and price is likely to start moving higher, at least towards the 50% Fibs resistance at $128
Nevertheless, there are no confirmations of this happening right away and LTC/USD still could decline lower. It is important to watch the current price action in general and the $72 support in particular.
If the support will be broken, with the daily close below, price should decline further towards 427.2% Fibs at $57, that also corresponds to the lower trendline of the descending channel. But, if the support will hold, trend reversal could be the case, and price is likely to start moving higher, at least towards the 50% Fibs resistance at $128
Trade closed: target reached