LTC is moving back towards the major up trend line. Within the next 12-24 hours LTC will decide if it will continue down, or make a reversal move off the trend line.
As it is with most other coins, the path the Bitcoin takes will greatly influence the pattern of LTC, so as always pay attention to Bitcoin in relation to LTC. If LTC breaks the green uptrend line, I think it may find short term support in the $51.60 area, and if it continues farther, large support at $46.16. Support targets are shown on chart as red horizontal lines.
If I notice a reversal at the trendline, or supports, I may consider opening a small long position, but I want to see clear reversal signals first.
As always, I would love to hear feedback, thoughts, criticism on this idea.
Cheers!
As it is with most other coins, the path the Bitcoin takes will greatly influence the pattern of LTC, so as always pay attention to Bitcoin in relation to LTC. If LTC breaks the green uptrend line, I think it may find short term support in the $51.60 area, and if it continues farther, large support at $46.16. Support targets are shown on chart as red horizontal lines.
If I notice a reversal at the trendline, or supports, I may consider opening a small long position, but I want to see clear reversal signals first.
As always, I would love to hear feedback, thoughts, criticism on this idea.
Cheers!
-machinelearnt