TA on Litecoin!
We see that LTC has been rejected by its previous resistance level around $37, falling out of its short term upward channel, looking for its next support level. I see this support range between $28-$31.
The bullish scenario would be for LTC to find support at approx $28, achieving a reversal, retesting the neckline and overhead resistance from the longer term downtrend channel. This would require a strong breakout to the upside, completing a reverse H&S pattern, and signalling a strong medium term reversal. Please note this bullish case requires for these conditions to be met, but i remain relatively bearish in the near term.
We see that LTC has been rejected by its previous resistance level around $37, falling out of its short term upward channel, looking for its next support level. I see this support range between $28-$31.
The bullish scenario would be for LTC to find support at approx $28, achieving a reversal, retesting the neckline and overhead resistance from the longer term downtrend channel. This would require a strong breakout to the upside, completing a reverse H&S pattern, and signalling a strong medium term reversal. Please note this bullish case requires for these conditions to be met, but i remain relatively bearish in the near term.