Support/Resistance channels for LTC

BTCE:LTCUSD   Litecoin / U.S. Dollar
431 4 2
LTC is proving a little hard to read these days as the Chinese markets have turned the value of LTC in to more of a game than value based on either its fundamentals which are admittedly weak or it's traditional role of playing second value to BTC             . For traders the volatility is a boon, giving greater opportunity in the swings than BTC             currently is.

With the 8USD spike proving more an anomaly than a trend, it's hard to forecast using fibs, so to be a little bit more conservative, I think it's just a safer idea to try and understand what historical areas of support and resistance give a hint of where we might go.

Since the crash from 8 down, it would seem on the face of it, we are hanging around the area of 3.4 to 4 which was a substantial area of support last October on the way down. The current picture suggests this will hold unless there is a return to the bear trend we have experienced in the last year. Based on BTC             , I doubt this will happen as LTC loves to ride its coat-tails and no serious hint of a diversion has happened yet.

Forecast from here, breaking 5USD seems to be the short term barrier, I don't think we'll be flying past 8USD too fast unless another Chinese challenger appears. There seems to be a danger that BTC             might go sideways instead of following its recent upward impulse as markets love to disappoint, and should this be the case, there's a strong likelihood of LTC ranging in the 4 to 5 USD region sometimes testing the 3.4 support. Not a bad place to be if you have a good system to trade the range....good luck should you do so.
To date, I don't think this analysis has been working out too bad with price hugging the areas predicted. Feel free to comment.
3.4 Held up, interesting to see how things develop in the days to come.
Interesting developments on this front, BTC takes a plunge, but LTC clings to the area of resistance around 4. However with BTC looking in danger of testing the next area of support around 240, it's hard to imagine LTC holding out. Assuming BTC doesn't bounce and heads below 260, then chances are we'll see LTC test 3.4 in the coming days.
LTC desperately trying to cling on to the 4$ mark, chance it might drop in to the 3.4-4$ range, as usual events in the BTC markets have an effect. My current estimate....if 4$ holds over the next 2-4 hours, and BTC stays above roughly the 277$ mark, we might avoid the next drop down. Let's see how the trend develops.
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