Litecoin Short Term TA Day 16

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Happy monday everyone. Litecoin hasn't been to exciting the last few days. We have been closing in a newly formed pennant (green trend lines ). We still have a few days before that closes in, so I expect us to continue moving sideways bouncing off both the support and resistance . This could of course change any moment as you know with cryptos.

Currently, we are trying to maintain our short term support of our current bullish pattern . The Stoch Rsi is suggesting a bounce off the support as expected, but lets see if it can hold up. If we want to continue this trend, we will need to get past the $216 mark. That is where our main resistance is and breaking that will break our current pennant that I mentioned earlier. Personally, I expect us to bounce off it, but you never know...

If we do break our current short term support, our next main support will be in the upper $200's. I don't expect us to go any lower than $206 unless the volume increases and there is a sell off.

I apologize that I have not posted any new updated TA's last week. I have been busy with mid terms and just now caught a break. It worked out though because LTC has pretty much only been moving sideways and nothing to crazy has happened.

If we break our main resistance or support, I will update this. Otherwise, I expect us to continue moving sideways.

Check out my previous day TA'S in the related ideas section and please like/follow if you would like to stay updated with my daily TA's. Have a great guys
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