Litecoin · Support Confirmed —Buy & Hold!I am focusing on the daily and the current retrace; you already know the bigger picture—Litecoin is going up.
Short-term though, we are looking at a potential confirmation of support.
We have a very good situation here, a simple and classic rising channel. Support is being tested at exactly EMA89 which matches the 0.382 Fib. retracement level in relation to the move from April through August. When the market is bullish, as it is now, a reversal can easily happen at this level.
This same support zone is also a previous resistance, the 10-May high. Resistance flipped support. This gives further strength to EMA89 and Fib. retracement, it makes the signal that much stronger when there is a combination of events all pointing in the same direction.
See the ultra-low volume in the most recent trading days, it continues to drop and drop as the bears have their turn. Weak bearish action; no sellers pressure. This is my interpretation of the current chart.
Since I am always saying "buy at resistance, sell at support," Litecoin is in a great position right now to buy and hold.
Namaste.
