whatsinthecupsir

Litecoin Short Term TA Day 19

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hello everybody. I apologize for my long absence I have been extremely busy. I hope I can continue now making daily TA's of Litecoin. I have not been watching LTC / crypto closely for the last few weeks and I have sad to see we are still stuck in bearish territory and especially LTC stuck in the low $130's.

We are approaching critical support areas right now. If we dip below $125, then we have broken our main support from last huge drop to $106. If this happens, then it is possible we can see the mid $110's again, and even a retest of that price point.

For the last two days, we have just been bouncing off our support and resistance . This is a classic pattern of lower highs and Lower lows. If we continue like this, then we can see a key test of our main support sometime tomorrow / early Friday. If we stick to this pattern, we can expect a quick bounce off of the upper $127's / lower $128. We will then see a bounce back up into the $134's, in which we will fall back down to testing our main support.

To break out of this falling pattern, we need to first break the last resistance touched, which was $139.20. If that occurs, be aware of a possible bull trap, but if we have the volume following it, and manage to break $144.50, then the pattern can be confirmed broken.

I really do not want to see our main support broken, but this can be a great buying opportunity because if it is broken, I don't see it staying that low for long at all.

Remember to keep an eye on on the Stoch Rsi and the BB to give you an idea on which way LTC / other cryptos might be heading depending what time period you are looking at.

Please check out my previous day TA's in the related ideas section and like/follow me if you would like to stay updated on my daily TA's. Thank you everyone.
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