jpktraders

LTCUSD - how trend is made

BITFINEX:LTCUSD   Litecoin / Dollar
LTC is ranked 6th in the ranking of all cryptocurrencies in terms of capitalization. In the last few days we see it growth, while in the last 24 hours its rate has fallen by almost 2%.

From a technical point of view, we are still in the growth channel. After an unsuccessful attempt to break from the bottom, the price turned around and given the opportunity to take a long position (support test from the top at 55.5 USD), reached the first target set by us - 71.7 USD.

We are now on the resistance from which we already had the first corrective reaction. If the price will go up now and will test this resistance from the top as support already, it will be a good place to buy. Alternatively, if the price falls again, then level 66.5 will be the second place to buy.
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