Just like the other top cryptocurrencies, Litecoin saw a dump just before it approached its monthly resistance. From here everybody was faked out of the marked and sold their coins at $67 as Litecoin capitulated to where it’s at now. The $67 level of support is where you should’ve been buying going long, not FOMO’ing in now the price is almost $90.
Currently, Litecoin faces 2 major resistance levels holding the price down below $100. The first one is $89.92 which is the start of the downtrend that brought the price down to $67. LTC is about to close out this valley, just like how ETH did about 15 minutes ago. Litecoin is just lagging behind a bit.
After the valley is broken, the next level is the monthly resistance at $95. Litecoin is currently swinging in between two monthly levels of support/resistance and will continue to do so until broken out from the top.
I’m expecting some pullback once the $95 is hit, especially in the region from $95-$100 i’m expecting some major resistance pullback and people’s sell orders to hit. Like me personally, I have my orders set at $94.94, just below the monthly resistance level because I know there will be some heavy pullback and I want to make sure my order fills.
Here are my long targets:
TP1 🎯 $89.92 TP2 🎯 $95
As always please do your own research, I am not a financial advisor.
Agreed. Those who capitulated last Wednesday lost out big. Short term, I can see a quick trip back to $82.50 before we continue on our journey.
kyer
⋅
@gofordaggers, Agreed with this we could see a little pullback before continuing up. The market is very overbought and would stop out over-leveraged longs before moving up
gofordaggers
⋅
@kyer, Nice work. Hit $80 right on the head. I was off by a couple of dollars. People are buying that dip in droves. Bouncing back nicely.
kyer
⋅
@gofordaggers, Thanks haha I was a little off I thought it'd hit $95 before that pullback to $80 turns out it went for it as soon as it touched $88