Litecoin is following suit after a nice bullish move in Bitcoin the last few days.
Volume is picking up, with increased demand on the buyer side driving the price up to levels not seen in over two weeks.
Litecoin may break through the resistance at around $57 and establish a new support zone above the previous trading range.
Litecoin may also be rejected, but the OBV looks good and this gives me confidence that it may break through this time.
If it breaks out, look for possible new resistance around 63-64 USD, but also the possibility that momentum could force it up to meet resistance at around 68-70 USD before being rejected.
Let's see how it plays out over the next two weeks. My tip: be ready to take profit once the Bitcoin forks happen.
Volume is picking up, with increased demand on the buyer side driving the price up to levels not seen in over two weeks.
Litecoin may break through the resistance at around $57 and establish a new support zone above the previous trading range.
Litecoin may also be rejected, but the OBV looks good and this gives me confidence that it may break through this time.
If it breaks out, look for possible new resistance around 63-64 USD, but also the possibility that momentum could force it up to meet resistance at around 68-70 USD before being rejected.
Let's see how it plays out over the next two weeks. My tip: be ready to take profit once the Bitcoin forks happen.
Comment:
Conservatively you may take profit now. I made some small errors with the fibonacci in this. I plan to make an updated version later. Thanks for the likes and follows.