LTC - The Line Has Been Crossed - $35 USD
SUMMARY OF ANALYSIS:
- LTC has breached the key $50 USD level (as alluded to in my other LTC analysis article) and appears to be heading for the 90% retracement level around $35 USD.
- Failure to hold this level would suggest that a full retracement and rejection of the most recent move is likely, this would put the near-term low at $20 USD in the cross hairs.
- Near-term oversold, potentially could see a move back into the mid $50's, failure to sustain a reversal would indicate a move to $35 USD is highly likely.
THE UPSIDE:
- Litecoin is favorably priced compared to Bitcoin at press time, also due to the severe drop in price, Litecoin is better poised for a contrarian investor to look into.
- I think it is likely that the $20 USD low is the low, we may eventually retest it, but around these levels, $20-$35 is a good investment band to accumulate, of course, you would run stops should the low at $20 be taken out.
- LTC has breached the key $50 USD level (as alluded to in my other LTC analysis article) and appears to be heading for the 90% retracement level around $35 USD.
- Failure to hold this level would suggest that a full retracement and rejection of the most recent move is likely, this would put the near-term low at $20 USD in the cross hairs.
- Near-term oversold, potentially could see a move back into the mid $50's, failure to sustain a reversal would indicate a move to $35 USD is highly likely.
THE UPSIDE:
- Litecoin is favorably priced compared to Bitcoin at press time, also due to the severe drop in price, Litecoin is better poised for a contrarian investor to look into.
- I think it is likely that the $20 USD low is the low, we may eventually retest it, but around these levels, $20-$35 is a good investment band to accumulate, of course, you would run stops should the low at $20 be taken out.
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