On a weekly basis, Litecoin (LTC) is down 90% compared at the highs of 2017 and this is a profound retracement of any standard Needless to say, while prices are currently testing the historical lows many are waiting for inversions and momentarily, it seems that Litecoin's bears are slowing down giving a chance for buyers to do a return.
However, judging by the way prices are set and the general candlestick – from a top-down approach, bears are far from slowing down and for the bulls to turn, then we have to see a strong involvement of bulls characterized by high volumes of trade and price peaks from current levels.
I see it. Instead, prices are actually consolidating along a narrow $ 10 within the week ending August 12 on high low. Therefore, before we decide to add long, buyers must first exceed $ 70, our previous support now the resistance.
could be on a recovery path that moves in the last 10 days, but from a technical point of view, we have need strong signals before recommending swing, conservative operations.
This is why we suggest abandoning the long ones and assuming a temporary neutral position. As evidenced in our latest technical analysis of Litecoin, what we need is a breakout and closes above $ 70 before buying on dives with targets at $ 90 and $ 110. The downside, any bending below $ 50 invalidate our bullish forecast and in this case the bears should point to $ 30.
Disclaimer: This is not an investment advice and opinions represent that of the author. Do your research before making an investment decision.