Market Dynamics in LTC (Litecoin)

12th April 2019

Daily Chart of Litecoin with Fibonacci Retracement Levels

Since the December low at $24, Litecoin has covered a lot of ways and actually embarked upon a primary uptrend, thanks to the decisive breakout of previous week. It is currently trading at $78 after making a high at $92 regions.

Short term seems to be fraught with lot of choppy consolidation before the next leg of demand emerges. The most important observation at this point is the Fibbonacci retracement levels drawn from December bottom till April top. Prices apparently have taken a support at 23.6% ($76) but it is not confirmed as yet. And the next support is at $65 levels, which is 38.2% . One can initiate long position in LTC with these levels as stop loss, immediate resistance is seen at $82 which could serve as a legitimate target for Litecoin.