I have an itchy trigger finger here, ready to back up the truck - below are the reasons why downside is running out of room for litecoin.
1. $50.00 round number psychology level
2. Volume profile - we are deeeeep in the value area now, where 70% of historic trading volume has traded, and currently on the POC (the price where the most ltc has exchanged hands, ever.)
3. weekly oversold RSI
4. Descending Wedge structure to break eventually.
There is still a possibility for another 30% downside, (if btc breaks 6kk floor, LTC could tumble down to $35 (200 weekly MA) , however, this would be extremely oversold, and likely get gobbled up fast here anyways, and be back at $50 in no time.
Hit the thumbs up, and good luck.
1. $50.00 round number psychology level
2. Volume profile - we are deeeeep in the value area now, where 70% of historic trading volume has traded, and currently on the POC (the price where the most ltc has exchanged hands, ever.)
3. weekly oversold RSI
4. Descending Wedge structure to break eventually.
There is still a possibility for another 30% downside, (if btc breaks 6kk floor, LTC could tumble down to $35 (200 weekly MA) , however, this would be extremely oversold, and likely get gobbled up fast here anyways, and be back at $50 in no time.
Hit the thumbs up, and good luck.