On the , Litecoin has crossed below the 200 (blue) representing a strong long-term movement. Back in February, Litecoin found support at the 200 and it's reasonable to expect a similar short-term bounce back. However, I want to bring attention to the the indicators at the specific price points represented on the y-axis of the of the . The trade below the 200 is significantly less than the pressure above the 200 . Over the next couple of days / weeks, the LTC / USD price may approach critical levels of support entering our target at $100 with base line support at the black LT support target around $80-90 which represents a pivotal point for the rebound.
The target entry is supported at the 100% FIB retracement line and represents the historical trade support. We expect the bulls to take control of Litecoin at this level.
There is heavy resistance at the 61.8% FIB retracement level which is hovering around $220 target. Litecoin tested and was rejected at 61.8% indicating strong pressure. This coincides with the resistance found at the 50 (green) which rejected any momentum needed to break the blue resistance trend channel.
Litecoin did lead BITFINEX:BTCUSD on the rebound from the February lows to spring the momentum. Litecoin could do it once more if / when it approaches the needed levels of support to once again pull us out of the to push past the 50 and resistance at $220.