Litecoin - make or break situation.
Hello traders.
Here's a Litecoin against US dollar chart on weekly and daily time frame. As you can see we anticipated a massive reversal from the $150 weekly resistance which took us all the way back to $75.
On the weekly time-frame as you can see we broke below the weekly support/resistance level and we are currently retesting it. Should we break above this area we could start climbing toward $140. However if we fail to do so we could see a pullback toward 85 - 75 again.
Taking it to the lower time-frame for confirmation, on the daily time-frame we have broken below the ascending trend-line which seems is now being retested.
This indicates a further downside potential, however since we are currently sitting on a weekly resistance level we should wait for a candle closure and confirmation as this could be a fake-out. If we break above the weekly resistance we can expect LTC to try and break above the 120 level.
Here's a Litecoin against US dollar chart on weekly and daily time frame. As you can see we anticipated a massive reversal from the $150 weekly resistance which took us all the way back to $75.
On the weekly time-frame as you can see we broke below the weekly support/resistance level and we are currently retesting it. Should we break above this area we could start climbing toward $140. However if we fail to do so we could see a pullback toward 85 - 75 again.
Taking it to the lower time-frame for confirmation, on the daily time-frame we have broken below the ascending trend-line which seems is now being retested.
This indicates a further downside potential, however since we are currently sitting on a weekly resistance level we should wait for a candle closure and confirmation as this could be a fake-out. If we break above the weekly resistance we can expect LTC to try and break above the 120 level.
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