After firmly breaking above 20 USD on May 3rd Litecoin's price action has deteriorated of late.
Litecoin broke above 30 USD on May 7th on heavy volume. It then retraced for two days before gapping up to 36 USD. It has now retraced down to 28.50 USD for two days again. I believe the risk reward here is to the long side, with a stop loss at 28.39.
I see Litecoin 50 USD by Q3.
Litecoin broke above 30 USD on May 7th on heavy volume. It then retraced for two days before gapping up to 36 USD. It has now retraced down to 28.50 USD for two days again. I believe the risk reward here is to the long side, with a stop loss at 28.39.
I see Litecoin 50 USD by Q3.
Trade active:
I might have been early here trying to call the bottom, but price action has improved, and it seems the downtrend has been broken. 30 USD was old support has now become new resistance. Traders who bought like me at 25, should lighten up. But the long-term up trend is still intact.