LTC is now trading around a very critical level. Thus, a Long position can be easily spotted for several reasons:
1. Fibonacci Retracement: Price is around 61.8% which is a very important level acting like a support here.
2. Formation of Pattern: A double bottom could be formed in the next few hours and it is clear that if the price rejects the 61.8% it means that a DD has formed on the hourly timeframes.
3. Cryptocurrency Influence: Cryptocurrencies and especially BTC and ETH are far from the selling idea, adding more confirmation into traders minds that cryptos are never to be sold.
Will it bounce back as the speculations are for the other cryptocurrencies ? Time will tell.
Trade Safe and Best of Luck !
MacroForex
1. Fibonacci Retracement: Price is around 61.8% which is a very important level acting like a support here.
2. Formation of Pattern: A double bottom could be formed in the next few hours and it is clear that if the price rejects the 61.8% it means that a DD has formed on the hourly timeframes.
3. Cryptocurrency Influence: Cryptocurrencies and especially BTC and ETH are far from the selling idea, adding more confirmation into traders minds that cryptos are never to be sold.
Will it bounce back as the speculations are for the other cryptocurrencies ? Time will tell.
Trade Safe and Best of Luck !
MacroForex