LTCUSD Reversal Upwards to $262
Looking at LTC on the 4-hour time frame we can see that on the most recent pump it didn’t have quite enough strength to reach the $262 TP level like I had hoped, so it found the closest level of support to bounce off of which was $171.55 - $183 accumulation zone of the previous local high created in January.
From here, Litecoin looks like its going to hit the $218 level of resistance placed at the 2018 high. If Litecoin turns this level of resistance into support, its going to hit the $262 target once and for all.
This is going to take some time to reverse, i’m not expecting it right away. However, it is very clear to note that Litecoin looks like its done dumping because on the scam wick on the 22nd and the following dump down, it has respected support and continued to hold the long term uptrend.
From here, Litecoin looks like its going to hit the $218 level of resistance placed at the 2018 high. If Litecoin turns this level of resistance into support, its going to hit the $262 target once and for all.
This is going to take some time to reverse, i’m not expecting it right away. However, it is very clear to note that Litecoin looks like its done dumping because on the scam wick on the 22nd and the following dump down, it has respected support and continued to hold the long term uptrend.
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