LTCBTC - Bounce, or Fall to the Inner Core of the Earth
A bit dramatic, but this is really a key level for LTCBTC.
Having broken through the 61.8% Fibonacci retracement support, Litecoin looked doomed.
However, a bounce at a lower Fibonacci retracement level gives some hope.
If this is indeed the bottom, the difficult ceiling to break through - you guessed it - will be the previous support turned resistance.
Beyond that, potential targets are outlined in green using the Fibonacci extension tool.
There's also a bullish divergence.
Note: there isn't much support nearby if this level breaks down. Possible bounce zone below this shown using red horizontal level.
Having broken through the 61.8% Fibonacci retracement support, Litecoin looked doomed.
However, a bounce at a lower Fibonacci retracement level gives some hope.
If this is indeed the bottom, the difficult ceiling to break through - you guessed it - will be the previous support turned resistance.
Beyond that, potential targets are outlined in green using the Fibonacci extension tool.
There's also a bullish divergence.
Note: there isn't much support nearby if this level breaks down. Possible bounce zone below this shown using red horizontal level.
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