Litecoin still consolidating, move up coming soon?
Updated
Litecoin has been consolidating for some time now and is currently battling with the lower resistance level of $23 (on low volume, meaning its kind of weak). When we look at the Relative Strength Index (RSI), Litecoin appears to be bouncing off the lower range of its trending path. If it can hold and start moving back up, we could see it head towards the $50 range in short order BUT if it breaks that $23 dollar level we could see a sell off down to $16.
Trade closed: target reached
It looks like Litecoin has successfully broken out and reached the projected target price on very high volume... and once again in very short order. It may overshoot above $50 as a blowoff and then consolidate in the $45-$50 range.Litecoin has been building up a lot of strength during its consolidation period between $23-$34 and looks to be taking another step up with confidence.
I hope everyone stayed their course and reaped the rewards! Happy trading.
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