The bounce yesterday from 36.3 USD was perfectly inline with the 0.786 Fibonacci retrace. There appears to be selling resistance developing at 37.5 USD which if continues could see as push for the 0.5 fib of 38.2 USD which coincides with the downward trend line in five hours time. The line has been followed strongly since the all time high. If a push is made for 39 dollars we may see a return to more bullish ways.
Nevertheless, be wary unless this resistance is broken. LTC is being shaped by market confidence in general, especially with the low confidence in ETH which has been leading LTC since ETH's scaling problems. As such we may see another retracement until the resistance is broken. Generally the market is inflated at the moment thus cautious day trading is best.
BTC donation wallet: 1a6dtV9BQrZW3DhBvijqJ4PYujeN9gUHq
Nevertheless, be wary unless this resistance is broken. LTC is being shaped by market confidence in general, especially with the low confidence in ETH which has been leading LTC since ETH's scaling problems. As such we may see another retracement until the resistance is broken. Generally the market is inflated at the moment thus cautious day trading is best.
BTC donation wallet: 1a6dtV9BQrZW3DhBvijqJ4PYujeN9gUHq
Comment:
now in bullish territory