Here we are again, feels like the second time round
What can I say Litecoin appears to be exactly where it was only a few months ago. I've had to watch from the sidelines mostly as personal life is always a priority.
In the near term we are seeing what appears to be a bull flag sending us out of the rut of 117 area, into 120 and hopefully above. I feel this will be short lived and only last for a day or 2. I expect much more consolidation before we make a move for the newly revised E point in the long term, possibly early June(This is based off rumors of the 6th of every month being seeing a spike of volume in Crypto).
So we have a possible set up, grabbing profits in the 120 area and then fishing for the bottom near 109 if we even get that low. But would LTC survive a 3rd retest of that support?
Risky business! Proceed at your own risk.
I believe this idea is backed up by Bitcoin seeing a retracement from 7300, looking for a retest of 7500~7800, this could be good news for Litecoin as well.
Also I have taken a look at some of the long term trends, zooming out of the graph you will see ghost patterns of the recent bounces off of the 109$ line. I believe the channel between the two patterns will serve as a long term expectant of price action, toward and post E point.
In the near term we are seeing what appears to be a bull flag sending us out of the rut of 117 area, into 120 and hopefully above. I feel this will be short lived and only last for a day or 2. I expect much more consolidation before we make a move for the newly revised E point in the long term, possibly early June(This is based off rumors of the 6th of every month being seeing a spike of volume in Crypto).
So we have a possible set up, grabbing profits in the 120 area and then fishing for the bottom near 109 if we even get that low. But would LTC survive a 3rd retest of that support?
Risky business! Proceed at your own risk.
I believe this idea is backed up by Bitcoin seeing a retracement from 7300, looking for a retest of 7500~7800, this could be good news for Litecoin as well.
Also I have taken a look at some of the long term trends, zooming out of the graph you will see ghost patterns of the recent bounces off of the 109$ line. I believe the channel between the two patterns will serve as a long term expectant of price action, toward and post E point.
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