Litecoin Fibonacci Channel
Hey Traders,
Litecoin has been an interesting lagging asset but has had very neutral projections. This is because while it looks like it's bullish, there are many other factors that could present a larger downtrend. First off, the Litecoin Dominance (LTC.D) is currently in a massive downtrend similar to the other OG cryptocurrencies such as Monero, ZCash, Dash, Bitcoin Cash, etc. This means that it is safe to give it the benefit of the doubt of it going up since it's market dominance downtrend will probably continue. Now that said, the Fibonacci channel from 2018-2020 shows that the price held at: 0.786 ($121 USD) reveals we are confidently heading to the next level of 1, ($180 USD). If we manage to break this level I would safely assume 1.272 ($300 USD) is in the books. However, if it gets rejected at 1 it will reverse back to the 0.786 level ($120-125 USD) once again. Most likely if it breaks the 0.786 level it will present a good short opportunity all the way to the 0.618 ($90 USD). Caution, base your trades off of what Bitcoin is doing, if BTC is going up, a short position is not the best idea.
Safe trading,
-Pulkanator
Litecoin has been an interesting lagging asset but has had very neutral projections. This is because while it looks like it's bullish, there are many other factors that could present a larger downtrend. First off, the Litecoin Dominance (LTC.D) is currently in a massive downtrend similar to the other OG cryptocurrencies such as Monero, ZCash, Dash, Bitcoin Cash, etc. This means that it is safe to give it the benefit of the doubt of it going up since it's market dominance downtrend will probably continue. Now that said, the Fibonacci channel from 2018-2020 shows that the price held at: 0.786 ($121 USD) reveals we are confidently heading to the next level of 1, ($180 USD). If we manage to break this level I would safely assume 1.272 ($300 USD) is in the books. However, if it gets rejected at 1 it will reverse back to the 0.786 level ($120-125 USD) once again. Most likely if it breaks the 0.786 level it will present a good short opportunity all the way to the 0.618 ($90 USD). Caution, base your trades off of what Bitcoin is doing, if BTC is going up, a short position is not the best idea.
Safe trading,
-Pulkanator
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