LTC/EUR currently testing resistance level, continuing bull run?
Looking at the daily chart, LTC/EUR is currently testing a resistance level, shown both by the Fibonacci retracement drawn using the top on Sep. 1st and the bottom on Sep. 15 (it would be the 71.14%) AND by the Fibonacci fan extending from the Sep, 15 minimum to the local maximum of Oct. 15.
If the price manages to break past the 72€ resistance level, LTC could skyrocket to the next resistance level, around 84€ or more.
If resistance won't be broken right away, as could be explained by the break past the upper band of the Bollinger Bands, we can expect a minor correction to around 67€ in the next few days, where LTC price should bounce on the yellow support before retesting resistance (notice how the yellow support is overlaid by the 0.5 ratio of the Fib. fan).
If the resistance will not fall at all, LTC price might fall to the lower support level at around 61€, where it'll meet the support of the 0.382 ratio of the Fib. fan AND another trend support line.
If the price manages to break past the 72€ resistance level, LTC could skyrocket to the next resistance level, around 84€ or more.
If resistance won't be broken right away, as could be explained by the break past the upper band of the Bollinger Bands, we can expect a minor correction to around 67€ in the next few days, where LTC price should bounce on the yellow support before retesting resistance (notice how the yellow support is overlaid by the 0.5 ratio of the Fib. fan).
If the resistance will not fall at all, LTC price might fall to the lower support level at around 61€, where it'll meet the support of the 0.382 ratio of the Fib. fan AND another trend support line.
Comment:
Edit: The "71.14% is a typo, the correct ratio was 78.6%.