Litecoin Consolidation - Two possible moves

Litecoin went from 17 USD to 38 USD and corrected from there, we see it bounces at the 24.5 USD support line, but the bounce after crash wasn't that strong. It didn't retrace fully back to 32 USD thus bulls are less strong and something is holding people back. For now we see the trend channel closing in, seen as the blue curves. The gann fann (yellow) indicates the breakout resistance/support lines and at the moment the price is too low to completely push through those. This means the trend channel need to become more narrow to make a significant outbreak which will take several days. Breaking up to 32 USD to retest or if we break down 24.5 USD back to 17 USD.

The reason why LTC can head back down is because Bitcoin and all Altcoins went up like spaceships and the total marketcap can potentially retrace taking down all coins altogether.

Watch this chart close, set you stops and happy trading!

Comment:

Broke out early now facing the 32 USD resistance

Trade closed: target reached:

Closed for new LTCBTC Chart