LTCBTC - Bounce, or Fall to the Inner Core of the Earth
A bit dramatic, but this is really a key level for LTCBTC.
Having broken through the 61.8% Fibonacci retracement support, Litecoin looked doomed.
However, a bounce at a lower Fibonacci retracement level gives some hope.
If this is indeed the bottom, the difficult ceiling to break through - you guessed it - will be the previous support turned resistance.
Beyond that, potential targets are outlined in green using the Fibonacci extension tool.
There's also a bullish divergence.
Note: there isn't much support nearby if this level breaks down. Possible bounce zone below this shown using red horizontal level.
Having broken through the 61.8% Fibonacci retracement support, Litecoin looked doomed.
However, a bounce at a lower Fibonacci retracement level gives some hope.
If this is indeed the bottom, the difficult ceiling to break through - you guessed it - will be the previous support turned resistance.
Beyond that, potential targets are outlined in green using the Fibonacci extension tool.
There's also a bullish divergence.
Note: there isn't much support nearby if this level breaks down. Possible bounce zone below this shown using red horizontal level.
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.