WaterGuns

Another Look at Litecoin

BITTREX:LTCUSD   Litecoin / U.S. Dollar
Hello out there. I wanted to give an update on the Litecoin chart I posted last night. As you can see price did bounce lower off the overhead resistance levels I highlighted in the blue circle and is currently following the white line I put on the chart last night. The white line was not intended to be a trendline for price to follow if price did go lower. It is just an indication of where price could go. Currently price is trying to find a close below the 50 bar on the 1 hour chart. Price needs to get below the 50 bar on this time frame to keep a short play going. If anyone out there did short off the resistance level , remember all those areas can also act as a magnet for price and price could retest them many times. However, when Litecoin does make a direction change in price the charts show it is usually a decent move. Run tight stops and get them in at free trade levels. I would be neutral Litecoin if it breaks above the blue horizontal lines. Lets wait and see what happens.
Trade closed: target reached
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