L49Trading

Litecoin is going down to the 60.2 Supportline

Short
BITFINEX:LTCUSD   Litecoin
Litecoin continues its Downtrend after the block reward halving. The Hashrate is very low at the moment and the mining profitability is even lower. Also Litecoin is earning harsh critics because the lack of developer activity on the main LTC Github repo. I think it will continue going down to the 60.2$ Supportline. Because of the low daily RSI i think a pullback to 67$ is also possible. Bitcoin is still fighting with the 9400$ Supportline. If Bitcoin would bounce up strong, than Litecoin will most probably follow with a small pullback to 65$ - 71.2$. If Bitcoin continues going sideways above the 9400$ support than Litecoin will most probably go down to 60.2$

These are just my thoughts, the information provided is not a financial advice.
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