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LTC fighting resistance.
Litecoin was the top requested coin for me to chart, so enjoy and thank you again for the support!
LTC is finding resistance from a few different levels. the .786 Fibonaaci, pitchfork, channel and horizontal resistance. After being the strongest alt coin with its 150% rise and by its self starting a mini alt season in the space (Litecoin was lead bull), it is now struggling for another Wave upwards. For this reason a retracement seems like the most likely outcome, to the .382 retracement of Wave 3 or 1 of the Pitchfork sat around $49 dollars, if this level is broken $42 holds a lot of support too. Top targets for me shorter term if we breach though $60.82 would be the highlighted red horizontals on my chart.
$53 dollars which was old resistance has flipped nicely into support and I did take a scalp long from that a few days back (closed now). We also have the mid point of the pitchfork so there is support to be had on Litecoin. Either way it is a good coin to be scalp trading.
Although support is being held nicely at the moment (good sign for the bulls), I am trading a pullback.
Will cover the count in more depth over on youtube.
LTC is finding resistance from a few different levels. the .786 Fibonaaci, pitchfork, channel and horizontal resistance. After being the strongest alt coin with its 150% rise and by its self starting a mini alt season in the space (Litecoin was lead bull), it is now struggling for another Wave upwards. For this reason a retracement seems like the most likely outcome, to the .382 retracement of Wave 3 or 1 of the Pitchfork sat around $49 dollars, if this level is broken $42 holds a lot of support too. Top targets for me shorter term if we breach though $60.82 would be the highlighted red horizontals on my chart.
$53 dollars which was old resistance has flipped nicely into support and I did take a scalp long from that a few days back (closed now). We also have the mid point of the pitchfork so there is support to be had on Litecoin. Either way it is a good coin to be scalp trading.
Although support is being held nicely at the moment (good sign for the bulls), I am trading a pullback.
Will cover the count in more depth over on youtube.
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