jpktraders

Litecoin - demand needed urgently

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin over the last 24 hours dropped about 0.5%. It still moves in the growth channel shown in the chart below. We see that support of 55.5 USD heavily defends against falls.

This level also coincides with the lower channel limitation. However, getting smaller peaks and smaller growth responses on this support suggest that it may be broken on the bottom. If this happens then we will treat it as a resistance and with the test from below we will look for short positions.

Alternatively, you may want to look for local resistance at around 58.5USD and test from above.

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