Hello traders,
Looking at hourly chart for litecoin, Litecoin has established very strong support around $76, and I am glad to see significant bounce once again in past 48 hours!
Now it is essentially a decision time for liteocin as the next move will determine the price action this week. Looking at the chart, $80-$81 range is acting as a still resistance again, and bearish trend will open the door for head and shoulders pattern formation. The black trendline is also acting as diagonal resistance as well. To be honest, I will not be surprised if we see bearish breakout from here and confirms weekly 38.2% fibonacci level as a new support.
In case of bullish reaction, the next resistance will be $83 followed by $89 and $97 as the targets. The bull needs to form higher low (anything above $76) in order to confirm bullish reversal.
Happy trading!
Looking at hourly chart for litecoin, Litecoin has established very strong support around $76, and I am glad to see significant bounce once again in past 48 hours!
Now it is essentially a decision time for liteocin as the next move will determine the price action this week. Looking at the chart, $80-$81 range is acting as a still resistance again, and bearish trend will open the door for head and shoulders pattern formation. The black trendline is also acting as diagonal resistance as well. To be honest, I will not be surprised if we see bearish breakout from here and confirms weekly 38.2% fibonacci level as a new support.
In case of bullish reaction, the next resistance will be $83 followed by $89 and $97 as the targets. The bull needs to form higher low (anything above $76) in order to confirm bullish reversal.
Happy trading!