Litecoin Heavily Oversold - Time to go Long!
Updated
My previous trade recommendation was to go short on LTC because of the lack of support once $137 was broken due to the lack of major support. It has since played out nicely and now would be a good time to consider a long position.
Litecoin's RSI is oversold on every time frame with a decent resistance around $116-114, depending how long it takes to go down there . Additionally, Bitcoin has sold off quite a bit as well, reducing the probability of it dragging LTC drop any further for now. My current scale in target is between $120 - $115.
Litecoin's RSI is oversold on every time frame with a decent resistance around $116-114, depending how long it takes to go down there . Additionally, Bitcoin has sold off quite a bit as well, reducing the probability of it dragging LTC drop any further for now. My current scale in target is between $120 - $115.
Trade closed: target reached
It sold considerably deeper than I expected due to the OKEx and japanese exchange news. I would probably close majority of the trade here at $121.30 if still holding just to be safe and wait for the next trade.In my opinion, I don't think the crypto sell off is done yet.
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