Litecoin isn't for the faint of heart.
Currently, it had a nice pop from a major support line and then quickly found resistance and wasn't able to get through it.
The Volume is steadily increasing. The MACD has made a cross and moving upwards, if it's able to cross over the midpoint litecoin is confirmed bullish. RSI is right on the 50 level and if it's able to bounce off it then that is a good sign. Momentum has passed the midpoint and shows that the bears are weak and may not be able to stop the price increase.
The only thing that worries me is the head and shoulders pattern. If it's a legit one then the falling has not been completed and can keep the freefall going for quite some time.
If it's able to get through levels $60-$85 then $130ish is a possibility
Risk to Reward 1:7
Currently, it had a nice pop from a major support line and then quickly found resistance and wasn't able to get through it.
The Volume is steadily increasing. The MACD has made a cross and moving upwards, if it's able to cross over the midpoint litecoin is confirmed bullish. RSI is right on the 50 level and if it's able to bounce off it then that is a good sign. Momentum has passed the midpoint and shows that the bears are weak and may not be able to stop the price increase.
The only thing that worries me is the head and shoulders pattern. If it's a legit one then the falling has not been completed and can keep the freefall going for quite some time.
If it's able to get through levels $60-$85 then $130ish is a possibility
Risk to Reward 1:7