Hey everyone, welcome to yet another Technical Analysis
. Let's get right into it. LTC broke it's downtrend channel
(what I call a break, a hook and a go). What this means is that it needs to retrace back to its breaking level, retest it briefly and only THEN it goes up. As we all know by now in Crypto whenever a channel is broken with such strength we use the FIB on that leg and the target is more than often the 4.236 FIB. Oddly enough that FIB matches EXACTLY with the 1.618 from the the initial bigger breakout back in December. Not only that but the important fibs matches with the last high we've seen before the price started going down AND the FIB 1 matches with a required square up at around $330.
But enough of TA for a long term investment, Let's talk FA. Litecoin is in my opinion the best candidate to take over Bitcoin
-4.64% as a global everyday SPENDABLE currency. Which makes it EXTREMELY bullish
regardless of if it actually happens or not. Great tech,great team and I believe the global Crypto market is still bullish
this year SO those FIB hits are likely to occur.
Please follow, like and comment if you agree!