Litecoin to roll back down
As I draw attention before, the 100 zone is a very strong resistance for Litecoin, and, in spite of this recent hype and "back to bull run" calls from the crypto Gurus, I don't expect it to have a sustained rise above this figure.
As we can see from the posted chart, LtcUsd already started to drop from this zone and also the recent leg up from December is a rising wedge.
A drop under 90 would confirm the pattern and the coin could drop to 60.
My general idea remains unchanged overall (although I had some buy trades on Btc and Eth): this is just a correction in the crypto market's case and as for Ltc, sell rallies towards 100 could be a good idea if you are also bearish on medium to longer term.
Of course, I could be wrong, but from a speculative point of view, a sell at 100 with a stop at 120 and a target at 60 makes sense.
As we can see from the posted chart, LtcUsd already started to drop from this zone and also the recent leg up from December is a rising wedge.
A drop under 90 would confirm the pattern and the coin could drop to 60.
My general idea remains unchanged overall (although I had some buy trades on Btc and Eth): this is just a correction in the crypto market's case and as for Ltc, sell rallies towards 100 could be a good idea if you are also bearish on medium to longer term.
Of course, I could be wrong, but from a speculative point of view, a sell at 100 with a stop at 120 and a target at 60 makes sense.
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