Welcome, this is my view on Litecoin at its current market state.
We broke our strong 5 month trend line. But the bounce on the 30 of April proves to be a strong support level as well as being the .618 fib level. (swing low to swing high up trend) Looking at this golden level to be some solid consolidation.
Right now, if LTC can hold the .5 fib level as support, we might be nice for the short term.... If we can break the .382 AND hold as support we might be very looking nice :)
Also i would like to add that a few indicators point out that LTC is oversold and on a possible turn around on the daily chart. The RSI is oversold and hasn't been this low since the start of the bullish trend, the stochastic RSI crossed bullishly getting ready for a momentum move up. Also we found support on the 200 day moving average! Let's hope it will continue as support, and as Bitcoin falls, more money is likely to move into alts. Just my two satoshis !
We broke our strong 5 month trend line. But the bounce on the 30 of April proves to be a strong support level as well as being the .618 fib level. (swing low to swing high up trend) Looking at this golden level to be some solid consolidation.
Right now, if LTC can hold the .5 fib level as support, we might be nice for the short term.... If we can break the .382 AND hold as support we might be very looking nice :)
Also i would like to add that a few indicators point out that LTC is oversold and on a possible turn around on the daily chart. The RSI is oversold and hasn't been this low since the start of the bullish trend, the stochastic RSI crossed bullishly getting ready for a momentum move up. Also we found support on the 200 day moving average! Let's hope it will continue as support, and as Bitcoin falls, more money is likely to move into alts. Just my two satoshis !
Comment:
So far looking good. Let's hope to hold that .382 holds its own !