LitecoinLong
LTCUSD: 23.6% tested, awaiting Bollinger midline test.
The LiteCoin has shown a double bottom (two blue arrows) just above the 100 handle and bulls recently took advantage.
The first Fibonacci 23.6% correction level against 170 brought in profit taking today. A normal behaviour but with a market below the short-term uptrendline this could continue a bit further; logically a test of the Bollinger midline can ensue. This is cirrently around 134 and should see better defending by bulls.
Upon holding this level on a close, bulls should eventually try to resume the path north. A 38.2% Fibonacci correction is the least one should expect after a broader double bottom, i.e. a run toward 208.
In short; expect a shortterm 134 test whereafter bulls should try to reach 208.
The first Fibonacci 23.6% correction level against 170 brought in profit taking today. A normal behaviour but with a market below the short-term uptrendline this could continue a bit further; logically a test of the Bollinger midline can ensue. This is cirrently around 134 and should see better defending by bulls.
Upon holding this level on a close, bulls should eventually try to resume the path north. A 38.2% Fibonacci correction is the least one should expect after a broader double bottom, i.e. a run toward 208.
In short; expect a shortterm 134 test whereafter bulls should try to reach 208.
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