LTCUSD Did Litecoin bottom?
Litecoin just broke above the Lower High trend line that started with the June 2019 top. Is this a Bottom and thus a long term bullish sign?
Well a quick comparison with the Dec 2018 - Jan 2019 bottom sequence shows that when the long term Lower High trend line (dashed) breaks, the Bottom is in. The RSI sequences of the two periods is also similar. So what I am expecting is a pull back to LTC's high volatility zone in order to gather up some more buying momentum and then an even stronger rebound towards the 1W Resistance. $64.000 seems like a good first Target for long term traders.
Well a quick comparison with the Dec 2018 - Jan 2019 bottom sequence shows that when the long term Lower High trend line (dashed) breaks, the Bottom is in. The RSI sequences of the two periods is also similar. So what I am expecting is a pull back to LTC's high volatility zone in order to gather up some more buying momentum and then an even stronger rebound towards the 1W Resistance. $64.000 seems like a good first Target for long term traders.
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