fiatdaemon

LTC | Showing strong support and healthy correlation

Long
KRAKEN:LTCUSD   Litecoin / U.S. Dollar
There's a lot going on in this chart and we'll break it down and end with a summary.

LTC showed strong support in the $130 range and broke out past the $150 resistance line leading to the recent peak of ~$240.

We experienced a healthy pull back testing the $150 to $200 range where $150 has become support and $200 as resistance.

Looking at the short term, we can see that we've entered a downtrend channel creating some consolidation causing sideways trading. In the long term, we're entering a symmetrical wedge .

With psychological support at ~$120 and psychological resistance at ~$250 and momentum receding, this looks like a decent accumulation area as long as support holds and we stay within the wedge eventually breaking out to the upside turning the upper side of wedge into support. If there is a breakdown, strong psychological support should play out around the ~$100 support area .

Correlation with BTC is steady and LTC seems to continue to following BTC longer term movements while reacting to short term plays exaggerating the LTC chart a bit when compared.

Overall, I'm feeling very bullish on LTC and more than happy to continue accumulating seeing as its not a much desired crypto to own while still remaining relatively popular and well supported while maintaining stability and lower fees over its competitors.

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