LTCUSD approaching support, potential bounce!

COINBASE:LTCUSD   Litecoin / U.S. Dollar
LTCUSD is approaching our first support at 50.58 (horizontal swing low support, 61.8% Fibonacci extension , 78.6% Fibonacci retracement ) and a strong bounce might occur above this level pushing price up to our major resistance at 56.95 (horizontal overlap resistance, 61.8% Fibonacci extension , 50% Fibonacci retracement ).
Stochastic (55,5,3) is also approaching our first support and we might see a corresponding bounce in price should it bounce off this level.
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Clear Channel Down towards at least 44.000.

+1 Reply
easyMarkets InvestingScope
@InvestingScope, We're expecting a bit of a bounce first before it drops. Do you have a shorter term view on this?
Nice long-term idea on LTCUSD, we have the same bullish bias on LTCUSD, however it’s a shorter term view. The first support level that we’ve identified is at $50.58 which coincides with the bottom area of $50 which was stated on your analysis! Our support level at 50.38 is backed by a horizontal swing low support, 61.8% Fibonacci extension and 78.6% Fibonacci retracement. As indicated on your analysis, MACD did made a cross, which most traders use as a precursor for bullishness.

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

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