Yesterday I said that we had 3 possibilities and now we are down to two. Overnight we fell through the first support of $183.00 definitely giving in to the bears. Volume is beginning to slow and RSI is showing that we are definitely in oversold territory. At this point, I am watching for the bulls to step back in and keep this above the next support of $144 and push for a bounce with increased volume between today and tomorrow. One caution is that there are still a lot of people out there who are still holding Charlie Lee responsible for the negative downturn in LTC that began when he sold off and/or donated his coins to the Litecoin Foundation. While this coin is poised better than most for mass adoption, it is time for it to stand on its own and for the bulls to take the attention off its creator. If they don't and we fall below that $144 support, anyone's guess is as good as mine what is in store for LTC without some positive news.
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Well, there is our bounce off the $144. It did fall slightly below but the bulls jumped in and gave us the bounce we were looking for. I would still like to see more bull volume before I were comfortable.
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Yesterday and last night's performance was optimistic as the bulls did step in to encourage the bounce off of the $144 support. The bottom line of the wedge resistance was tested and finally blown through this morning. Now we will be looking to see if the wedge can maintain support here. For that to happen the bulls are going to have to continue a significant push and hopefully, the MACD cross that we now have will help pull things higher for LTC. Any positive news for LTC specifically or cryptos, in general, will be especially helpful to maintain and improve these levels.
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Yesterday we hit a wall at 210.00 and setting stops was like trying to catch a falling knife as we fell through 196.00 and 190.00, falling below the wedge. Low volume seems to keep the bears on the run at this point and I am just waiting to see for some signs of another turn. Falling to $140-$160 doesnt seem completely out of the question but I am hopeful we can find some support around $184.00 and an opportunity to get back in. Im done getting cut until the volume comes back up and shows a few more bulls.