Just a couple of hours ago, I told you that Litecoin could fall to the 50 EMA
, where it should find support. That has happened exactly, as you can see on the chart. Technically, this is a positive thing to see, because it shows that we're confirming old resistance (pink dashes) as new support. The pink dashed support level
, and the 50 EMA
, are now very important for LTC to hold. A break below either one, could signal a deeper correction to the downside. On the upside, we can see that LTC is forming a strong hammer
candle at the moment, which could send prices higher. A break above $308 will put the all time high in our sights.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***