Litecoin nearing significant resistance. Your levels.


Little bro Litecoin has done quite well for us as of late. If you are a follower of mine, you have seen my signal posts readying all traders for the entry of our buy zone (see related posts) as well as my updates warning of our exit out. If you bought in the buy zone predefined, congratulations! You've done quite well! Now you may be considering taking a bit of profit. I am hoping to help out with that consideration as well.

If you'll observe my chart, you will see that we have currently just barely conquered our .382 fib retracement on the daily. We had also butted our heads up against the bottom black longtrending resistance at around $238-239. This proved too difficult for the bulls to tackle. Baby steps. Now that we've tackled our .382 fib and can use this as a spring board, maybe tomorrow the bulls will find strength to tackle our bottom black trendline which should find itself at around the $240 area.

Beyond this, we have our .5 fib retracement at around $258.

And above that, a final strong resistance (top uptrending BLACK line) at between $290-300. I do think that our bulls will have the hardest time hurdling this if we get there.

Overall, if you bought in my previously outlined BUY ZONE, it may not be a bad time to consider taking some profits if you are a trader. If you are a riskier trader, you can wait till we reach one of our higher levels at $240, $258, or $290-300. Of course, the higher we go, the riskier it becomes to hold it all. So, if you are a trader, it is definitely advised that you take a bit off the top soon.

HODL'ers - keep HODLing as they say.

Happy trading folks! Keep those profits flowing!
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