LTCUSD: New Low Or Double Bottom Formation?

LTCUSD update: After a slight retrace today, it appears the coins are poised to retest their recent lows. As I wrote in my earlier ETH report on S.C., there is no reason to be stuck hoping. If a sell signal appears earlier than expected, then it is time to adjust.

My recent ETH swing trade long was exited for a smaller profit. I wrote about a bearish trend line that is still in play. Litecoin has the same situation. 124 is the location of the bearish trend line and price has rejected it.

Here is one paragraph of my LTC report that I published on S.C. earlier today:

"Keep in mind the 138 resistance (.382 of recent bearish structure) is what price needs to compromise in order to prove that bullish momentum on the larger magnitude is in effect. Until this occurs, bullish potential is limited and why it is a good idea to be conservative with swing trade profit targets when the next buy signal appears."

There is also a bearish reversal zone boundary defined by the 128 level. As long as this lower high formation stays intact, it is reasonable to expect a retest of the low 100s.

In summary, as price attempts to revisit the recent low, we will be watching for reversals. Particularly in the 105 to 100 support area. This is where the highest probability exists for a bullish pattern. The idea is to capture a piece of the next retrace higher, and possibly hold if it evolves into a larger time frame trade.