Its been a while since we looked at Litecoin. The last time we looked at Litecoin, we had a double bottom and we broke out of the descending trendline indicating bullish momentum.
Even though this has been moving in the right direction and has made a 50% move from our last analysis, it's been moving slower than other cryptocurrencies. We may however see a really nice move coming soon once we get this retracement period out of the way.
We are currently in an ascending correction which is often a reversal pattern - even for the short term. Price may come back down to collect more orders and then move on up! The best place to enter would be the $150 level where we have previous structure.
Please note that it is possible that price can react to the ascending trendline and bounce off, so keep an eye on that too!
Targets: $210 (Previous structure)
Even though this has been moving in the right direction and has made a 50% move from our last analysis, it's been moving slower than other cryptocurrencies. We may however see a really nice move coming soon once we get this retracement period out of the way.
We are currently in an ascending correction which is often a reversal pattern - even for the short term. Price may come back down to collect more orders and then move on up! The best place to enter would be the $150 level where we have previous structure.
Please note that it is possible that price can react to the ascending trendline and bounce off, so keep an eye on that too!
Targets: $210 (Previous structure)
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