LTC / USD Test Support at $50 then on to $60

KRAKEN:LTCUSD   Litecoin / U.S. Dollar
LTC / USD as I predicted in my last analysis has started to make a small correction on the 1 day chart. We are seeing a drop to $53 and our closest support will be the $50 range, where the bottom of the upward channel is in blue. As I depict with the arrows, the directionality could still be upward in the following days and week. But for now there is a good chance we see $50. Where before this was a huge resistance now it has become a support. The top of the channel is in the $65 range. If we see a large bull movement at the support we could see a push to $65 but that means we would have to break a huge resistance at $60 so it is best to sit back and watch. The next thing to watch out for in this case is that $60 is held by the bulls then we can start looking upward more. However, in the recent analysis I posted I also stated that without the support of the larger coins or in general the rest of the market it is unlikely LTC will progress alone. If we see the support of the other major cryptos then there is a good chance the bulls can regain control. I would not hold my breath on that happening though.

I am very much a beginner and just want to make observations and learn from them! My simple analysis is for fun and learning, please do not make trading decisions based on my observations - like I said I am just a beginner.

Thanks so much for reading my analysis, please follow me and like my post!

- Max K.
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