LITECOIN Parabolic move - Will it reach 330.00 level (.786 Fibo)LITECOIN
On December 2017 year end Litecoin has visited the high level around 430.00 And seen a rapid selling from that level and the earlier 2000% gains were wiped out entirely and it has started its upward journey In 2018 December as we can see
the cycle repeats itself during the year end as its pumped around 500% which is a 25% of the previous year end jump.
And from January month onwards its again started to falling towards 25.00 level. And we can see that 25.00 level has acted as strong support for the bull. Since end of 2019 this level has not breached and bear failed at this level.
From October 2020 the parabolic move has stared and its still running and its has managed to reach 2019 high level which is 145.00 level and even LTCUSD has managed to break this level and the retest has also happened and went above the .382 Fibonacci retracement level. The next major key testing ground was 0.50 Fibonacci level comes around 220.00.
From this level we can see a profit taking scenario might happen and we can expect short term fall back towards 0.382 Fibonacci. If that happened it would be a nice buying opportunity.
The 50,100,200 EMA's are acting as good support for the bull and Ichimoku cloud is also supporting the bullish trend . In Bollinger band it has reached around upper side of the band short term fall back towards middle band was expected.
Disclaimer!
This is not a financial advice
