Crypto_Terminal_Daniel
Long

Litecoin at Massive Support

COINBASE:LTCUSD   Litecoin / U.S. Dollar
It's a make-or break moment for Litecoin. We're at levels not seen since late 2017. There is strong support at $51.22 and and $49.44. These are levels that have been attempted three times in the past year. Based on this, it seems like Litecoin is at bargain prices at the moment.

Assuming one wishes to enter a long trade, be advised of the following levels from above, which can be thought of as profit targets, and will provide resistance. First, we have $58.00, which is not only a psychological level, but the 50 day moving average. We saw the wick of today's candle stop just short of this level, validating its significance. Next, we have the 100 day MA at $64.70 or so. Finally, we have $68.16, which is the 0.236 level of the Fibonacci retracements. After that, all levels are in the $70 handle, and it's probably a safe bet that we won't see these until 2019 unless something major happens.

Of course, with cryptos these days, one must always consider the down side. This scenario is particularly grave, because if current prices do not hold, there is a vacuum zone down to the lower $40 handle, at $40.12, very close to the psychological $40 round number. This is the 0.382 Fibonacci retracement level, which should hold firm. Otherwise, we could be looking at the $20 handle.

Comments

Great idea on LTCUSD, we have the same bullish bias on LTCUSD. The first support level that we’ve identified is at $50.58 which is not far off with your support levels at $51.22 and $49.44.Our support level at 50.38 is backed by a horizontal swing low support, 61.8% Fibonacci extension and 78.6% Fibonacci retracement.

We, too, identified a major resistance level at $56.95 which is not far from your first resistance of $58.00. The major resistance we identified was supported by a horizontal overlap resistance, 61.8% Fibonacci extension and a 50% Fibonacci retracement.

Should you be interested in our view of LTCUSD, do take a look at our idea and let us know what you make of it.


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