Hello all. Looking at Litecoin on the daily timeframe, we see that litecoin is currently below the 200 day EMA (bearish sign), and also broke below the long (green) ascending line.
The daily stochastic RSI is also bearish as it is in the overbought territory showing a reading above 80 (on a 0 to 100 scale).
However, Litecoin is inside a falling wedge pattern which is a bullish pattern. This pattern has a measured price target of about 73% upwards movement, approximately $240 price target.
This level also corresponds with the Fibonacci golden pocket again sitting at around $240.
I believe that Litecoin can go as low as $105 (support line of the falling wedge), and if it finds support, i would look for a buying opportunity.
If Litecoin breaks through this support then I believe that the next support level for Litecoin will be around $76, (161.8 fib level).
Thanks for reading, and stay tuned. Enjoy.
The daily stochastic RSI is also bearish as it is in the overbought territory showing a reading above 80 (on a 0 to 100 scale).
However, Litecoin is inside a falling wedge pattern which is a bullish pattern. This pattern has a measured price target of about 73% upwards movement, approximately $240 price target.
This level also corresponds with the Fibonacci golden pocket again sitting at around $240.
I believe that Litecoin can go as low as $105 (support line of the falling wedge), and if it finds support, i would look for a buying opportunity.
If Litecoin breaks through this support then I believe that the next support level for Litecoin will be around $76, (161.8 fib level).
Thanks for reading, and stay tuned. Enjoy.