Hi friends! As you know, I've been calling for $200 Litecoin for weeks now, and here we are. Litcoin is currently pushing down onto the critical support, and as I've warned, if we get a sustained break below that, prices could begin to plummet. You can see that we're new back inside of the downtrend channel
, so the bottom of the channel could be supportive if LTC gets down there. On the other hand, if the critical support level
is lost, I think some panic selling could ensue. As we discussed in my last LTC post, there isn't much support between $200 and about $153. The only identifiable support, is at the bottom of the falling channel
, and the red trendline
that extends from the low on December 22nd. The bulls must hold the critical support level
at $200. It was already violently pierced a few hours ago. If $200 is lost, look out below!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Pleas follow, comment, like, and share on social media! Good luck trading everyone. Peace!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***