LTCUSD: 23.6% tested, awaiting Bollinger midline test.
The LiteCoin has shown a double bottom (two blue arrows) just above the 100 handle and bulls recently took advantage.
The first Fibonacci 23.6% correction level against 170 brought in profit taking today. A normal behaviour but with a market below the short-term uptrendline this could continue a bit further; logically a test of the Bollinger midline can ensue. This is cirrently around 134 and should see better defending by bulls.
Upon holding this level on a close, bulls should eventually try to resume the path north. A 38.2% Fibonacci correction is the least one should expect after a broader double bottom, i.e. a run toward 208.
In short; expect a shortterm 134 test whereafter bulls should try to reach 208.
The first Fibonacci 23.6% correction level against 170 brought in profit taking today. A normal behaviour but with a market below the short-term uptrendline this could continue a bit further; logically a test of the Bollinger midline can ensue. This is cirrently around 134 and should see better defending by bulls.
Upon holding this level on a close, bulls should eventually try to resume the path north. A 38.2% Fibonacci correction is the least one should expect after a broader double bottom, i.e. a run toward 208.
In short; expect a shortterm 134 test whereafter bulls should try to reach 208.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.