LiteCoin Analysis

There has been a fair amount of buzz surrounding LiteCoin recently, including speculation surrounding LitePay for retail transactions.

Price appears to be following a predictable TA trend, where it is bouncing off a series of resistance lines that stem from a key axis point.

We are currently bouncing from resistance at $253.

The previous resistance level of $228, which has broken and is now support, may present a good buying opportunity anywhere around $230.

If the $252 resistance level is taken out, expect a rise to the next resistance level of $270 (also a key 0.618 fib level) and then repeated sell off.