Litecoin Makes It Interesting!

After days of consolidation in the 112-116 range, a meeting with the top of the bear flag, which formed earlier this month, became inevitable. LTC was ready to rumble resulting in a surge of volume unseen in the past few days and enabled the coin to launch above the 20 EMA (Blue) which was previously a solid point of resistance. The fun didn’t last long as the 50 EMA (Pink) jumped into the ring, denying LTC any further upside momentum. As it stands, the 20 EMA has turned into a weak level of support, while the 50 EMA will continue to provide a significant level of resistance. The mid-February downward trend line forces me to stick to my guns and maintain a bearish mindset. If LTC is able to pump above the 50 EMA and breaks the green trend line with confirmation (along with other indicators), we can start to consider some bullish scenarios. Until then, I will be waiting for a drop to the Double Bottom Bounce Zone.

Thank you for taking a look at my idea. Feel free to share your thoughts below!

-The Don-

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***