Litecoin - How to Trade

The price reached the local support zone formed by SMA100 and 75.00 support level. The market can bounce from this zone and move upward. The downtrend line is the target for this upward movement and the price action at this resistance line will show us the further market movements.

If the price can break the downtrend line, it will confirm the continuation of the uptrend. The breakout can be used for buying with close profit target and stop orders below the local swing low.
If the price bounces from this line, we should be ready to see the continuation of the falling. It will be logical as based on the daily time frame the market still has some space for correcting the previous upward movement. The price will have to break SMA200 and 70.00 support level for confirmation the strength of sellers. The target levels for the downward movement should be 61.50 and 50.00 support where the market will be able to give us good buy opportunities.

The best level for buying should be at 50.00 which forms a support zone with SMA100, SMA200 and the main uptrend line.

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Comment:

The price bounced from SMA100 and reached the downtrend line. We have a price reversal in this zone which tells us about a possible downward movement. The breakout above the resistance zone formed by SMA50 and the local trend line will confirm the further upward movement.