Strating our analysis on the daily timeframe, we can identifiy a sharp bullish move that has just happened a few days ago. As we do not believe, that Litecoin has enough fundamental strenght to justify a bullish move like that, and just make a smaller correction before taking off higher, we think, that the next logical move should be a bigger bearish move.
On the four hour chart, we can see that the price has just stopped after a larger bearish wave. The stop has not occured at any sigificant support or resistance value, so we do not believe that a bounce from this point is a viable option to expect right now. It however is around the 0.236 Fibbonaci retracement, so this would be a level at wich we expect the price to correct its bearish movement.
Feel free to grab a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!
On the four hour chart, we can see that the price has just stopped after a larger bearish wave. The stop has not occured at any sigificant support or resistance value, so we do not believe that a bounce from this point is a viable option to expect right now. It however is around the 0.236 Fibbonaci retracement, so this would be a level at wich we expect the price to correct its bearish movement.
Feel free to grab a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!