Last week Litecoin (LTC) saw the market test the ascending trend line support @ the 162 zone only to break through support to press down and not only test the 157 zone but also the 142. Looking left there was a high probability that price would bounce off the 142 area to move up however, price not only broke through but tested the 132 zone.
RSI is currently oversold giving an indication of a possible reversal of the previous weeks decline on the daily chart. If price can hold above 132 support we could see a move back to 157 / 165 / 173 zones for break above previous channel highs. Looking for break and close above 157 zone.
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Hi, great post, have followed you. What do you think of the current state of the Bitcoin market?
Hi,
Thanks for your reply and follow. I will also follow you and look forward to your content. Bitcoin really hasn't seen huge movements like we have all been accustomed to. At the moment the RSI is oversold and the chart has provided a spinning top candle with a following green candle as I write. If this green candle can close green I believe we could see price return to previous highs at $10,000 to then test resistance around $11,860. If price unfortunately does press lower we could see a test of previous lows around 5,395 zone. Fingers Crossed.