As the alt market begins to heat up, it is worth taking a good look at Litecoin. Taking trend-line resistance from the weekly closes, LTC is currently battling this indicator, and a solid 2-3 weeks outside this structure could result in a massive re-evaluation back towards $75 levels.
I like a long position entry at $54. TP target $74. SL $47
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Daily Structure
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Vs.BTC - weekly oversold + Big support (if BTC makes a break for it, LTC should see a solid re-evaluation)
Nice analysis, thank you. Waiting for 70ish in a month
easyMarkets
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Nice idea on LTCUSD and there may be potential gains as you have identified by going long. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first support at 52.98. It is a horizontal overlap support and a 61.8% Fibonacci extension , 38.2% Fibonacci retracement. Stochastic is approaching support and we might see a corresponding bounce in price. If a corresponding bounce does occur, we may want to take a look at the 56.72 resistance level. It is a horizontal overlap support and a 50% Fibonacci retracement .
Please take a look at our idea and share with us what you think.